IKEA store in Noida: Construction to begin soon after govt approval.

IKEA is waiting for Noida Authority's permission to start the construction of a store on a 48,000 square metre piece of land in Noida Sector 51, Moneycontrol (MC) has reported. People aware of the matter were cited in the report as saying that the construction on the site is likely to begin in the next few months.

Upon completion, the IKEA facility will have a shopping mall, retail outlets, a residential facility and meeting centres. To this end, IKEA is planning to invest around Rs 5,500 crore to develop the shopping mall, the report said. The company bought the plot in Noida Sector 51 in February 2021.

The land was allotted to IKEA on a commercial plot located in sector 51 by the Noida Authority on February 9, 2021. The company had paid Rs 850 crore to the authority for the land.

A person in the know was quoted in the report as saying, “IKEA has submitted a map (site plan) for approval to the Noida Authority. The scrutiny of the map is going on. They (IKEA) were asked to get a no-objection certificate (NOC) from the fire department, and it has been given to them. The construction work can start only after the site plan or map is approved by the Authority.”

The construction plan is under review at this stage and is likely to be approved next month. The review will involve an inspection of all the technical aspects like structural safety etc.

BS