Retail giant IKEA is eagerly awaiting the site plan approval from the Noida Authority in order to kick-start construction on its upcoming store located on a 48,000 sq m plot in Noida Sector 51. According to reliable sources, the construction is expected to commence within the next few months, with a projected completion timeline of seven years.
The ambitious project, estimated to require an investment of approximately Rs 5,500 crore, will encompass a wide range of facilities including a shopping mall, retail outlets, residential accommodations, and meeting centers. In February 2021, IKEA had successfully acquired the land parcel from the Noida Authority, solidifying its commitment to establishing a significant presence in the region.
The commercial plot, situated in Sector 51, was allocated to IKEA by the Noida Authority on February 19, 2021, following a transaction that saw the Authority receive Rs 850 crore from the retail giant. An official from the Noida Authority revealed that IKEA has submitted a site plan, currently under scrutiny by the planning department. The approval process involves verifying technical aspects such as structural safety and ensuring compliance with relevant regulations. Additionally, IKEA was required to obtain a no-objection certificate (NOC) from the fire department, which has been successfully secured. The construction work, however, can only commence after the site plan or map receives official approval from the Authority.
According to an insider, aside from the map approval, a few more necessary permissions are required before construction can begin on the ground. These preliminary steps are anticipated to be completed in the coming months, paving the way for the commencement of construction.
Ingka Centres, a subsidiary of the Ingka Group, which comprises IKEA Retail and Ingka Investments, has previously stated that the plot in question will be transformed into an IKEA-anchored retail destination.
The official land transfer ceremony took place in the presence of senior Noida Authority and IKEA officials, as well as Uttar Pradesh Chief Minister Yogi Adityanath.