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After opening its first store in India in 2018 in Hyderabad followed by the one in Mumbai in 2020, Swedish furniture giant IKEA is set to enter the retail space of Uttar Pradesh’s Noida with its first shopping centre in India, reports The Times of India.

On Friday (19 February), Noida Authority handed over a land parcel measuring nearly 50,000 sq metres in Noida's Sector 51.

The company was allotted the plot after paying Rs 850 crore. It paid Rs 56 crore as stamp duty to the Uttar Pradesh government.

The transfer was made during a programme held here in the presence of Uttar Pradesh Chief Minister Yogi Adityanath and UP Cabinet Minister Satish Mahana who joined the event virtually from Lucknow.

IKEA is going to invest nearly Rs 5,500 crore on this project to build a shopping, entertainment and business centre revolving around the flagship IKEA store.

The project includes construction of two multistoried buildings of almost 30 floors with separate blocks for retail, office and hospitality. The company plans to complete the entire project within seven years.

“Delhi-NCR is one of the most important markets in India and we are happy to announce the first store here,” IKEA India CEO Peter Betzel said in a statement.

“IKEA store-anchored ‘meeting places’ are mixed-use destinations that bring many people together for multiple reasons. IKEA has shopping centres anchored by its stores in Europe, Russia and China. Noida will be our first such centre in India. The exact offerings will depend on the needs, desires and aspirations of the local people,” said a spokesperson of the company.