Home Retail IKEA picks up land in Gurugram for whopping Rs 842 crore

IKEA picks up land in Gurugram for whopping Rs 842 crore

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The world’s largest furniture retailer, , has bid for a 10 acre plot of commercial land in Gurugram, adjoining Delhi, for a whopping Rs 842 crore — making it the single largest property auction till date by the Haryana Urban Development Authority (), a senior officer said here on Wednesday.

IKEA picks up land in Gurugram for whopping Rs 842 crore
The site was successfully auctioned to IKEA, a multinational group, headquartered in the Netherlands, that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories and considered to be the largest furniture retailer in the world

“HUDA sold an approximately 10 acres of commercial land for Rs 842 crore in the sector 47 of Estate-II of HUDA Gurugram,” Chief Administrator, HUDA, said here.

“The e-auction took place on October 31 (Tuesday). The site was successfully auctioned to IKEA, a multinational group, headquartered in the Netherlands, that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories and considered to be the largest furniture retailer in the world.

“This e-auction is single largest e-auction ever in the history of Haryana.”

The site was put for e-auction three times earlier but had no takers till IKEA bid for it.

“This is not a one-off deal as we have planned out auctions of other institutional and commercial properties across the city in the next few months.

“Gurugram has seen a reduced demand mainly due to rapidly changing investments scenario in real estate, especially in commercial section. However, we are hopeful to sell more properties and gather handsome revenue for HUDA from the estates of Gurugram,” he added.

“We plan to auction more such sites across the city and have laid down a well planned strategy for the same,” Ganesan said.