Swedish home furnishings giant IKEA India Pvt. Ltd has opened its first store in Pune, Maharashtra, spanning more than 32,000 sq ft at Phoenix Marketcity Mall on Viman Nagar Road. The outlet marks the company’s sixth store in India.
The company leased the space for a total rent of ₹23.54 crore for a period of four years and 11 months, according to property registration documents accessed by CRE Matrix.
“The company wanted to take this opportunity to share that they’ve officially opened doors to the homes and hearts of Punekars with the very first city store at Phoenix Mall, Viman Nagar, on March 12. Spread across 32,000 sq ft., the store makes it convenient for customers to explore and shop for their homes- bringing well-designed, good quality, and affordable home furnishings closer to Pune,” IKEA India said in a statement issued on March 13.
According to the property registration documents, the ground-floor space will have a starting monthly rent of ₹38.11 lakh for the first 36 months, increasing to ₹42.69 lakh for the remaining period.
The agreement was signed on October 15, 2025 between IKEA India Ltd. and Vamona Developers Private Limited, of Phoenix Mills Ltd. A stamp duty of ₹6,26,800 was paid for the transaction, along with a registration fee of ₹1,000, as per the documents.
The monthly rent commenced on February 22, 2026, following a fit-out period from September 2025 to February 21, 2026, they showed.
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IKEA’s India business
According to IKEA, Pune has been an important market for the company, where it has seen strong customer demand.
“We launched our e-commerce presence in Pune in January 2020- making it the second market in India to access the full IKEA range online before a physical store opened. Since then, customers in Pune have been able to explore and shop our entire range of over 6,500 affordable, well-designed home furnishing products online, reflecting the growing appetite for modern home solutions and the convenience of our omnichannel approach,” IKEA had said in October 2025.
IKEA has established a presence in several Indian cities. Its first store opened in Hyderabad’s HITEC City in 2018, followed by outlets in Navi Mumbai’s Turbhe area in 2020, Mumbai’s Worli neighbourhood in 2021, and Bengaluru’s Nagasandra location in 2022.
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More recently, IKEA launched a city store format at Pacific Mall, Tagore Garden, in 2025. The company plans to open large-format stores in Gurugram and Noida in the coming years as part of its ongoing expansion strategy.
IKEA expects its India sales to grow by over 10 per cent in the financial year 2025, according to a PTI report.
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Ingka Group operates IKEA stores in 31 countries, including India. IKEA, which generates around 30% of its sales through online channels, is seeing an impressive surge in queries. In FY24, IKEA in India reported a widening of its total loss to ₹1,299.4 crore, despite revenue from operations rising 4.5% to ₹ 1,809.8 crore, according to the report.