Swedish home furnishing major IKEA has entered into a strategic alliance with real estate developer Rustomjee Group to provide furnishings in apartments at the latter’s residential project in Virar, Mumbai.
“Our association with IKEA is made special by the fact that not only it is the first of its kind in Mumbai and India, but that IKEA shares our vision of making homes for the common man. This is a pilot project and we would like to extend this association with IKEA across our similar residential projects. We’ll start delivering the project in two years by December 2020.” – Boman R. Irani, Chairman and Director, Rustomjee Group
The project will offer 1 and 2 bedroom apartments at prices starting from Rs 34 lakh excluding taxes.
IKEA looks to penetrate deeper into the Indian market and under this deal, it will furnish 1200 apartments at Global City, Virar, with its contemporary and cost effective furniture. The Group has already delivered nearly 5,000 apartments in the first phase of township Global City and is now launching 1,750 units in the next phase. IKEA furnished homes will be part of these newly launched phase.
“IKEA is about everyday low prices and being accessible for many more of the many people and we are proud to be associated with Rustomjee on this project to furnish these homes with affordable IKEA products and solutions.” – Niclas Silversved, Store Manager, IKEA Mumbai
The IKEA Group is the first major single brand retailer to get Foreign Direct Investment (FDI) approval and plans to open several stores and multiple touch points across India. The first IKEA India store opened in Hyderabad in 2018, which will be followed by store in Navi Mumbai this year. IKEA has four land sites in Telangana, Maharashtra, Karnataka and Delhi-NCR and continues to look for more in other major cities.
