IKEA the international home furniture brand went into an agreement with Rustomjee the renowned developer in the Mumbai’s real estate market to offer furnished home in India. According to the agreement, the furniture band will provide fully furnished apartments in Rustomjee’s residential project.
This deal is first of its kind where a Swedish multinational firm signed a pact to offer such service in the world.
Initially, the IKEA India brand will provide ready-to-assemble furniture for approximately 1,200 apartments in Rustomjee’s project Global City Virar near Mumbai. This housing project will offer 1 and 2 BHK flats at a starting price of Rs. 34 lakh. These rates do not include taxes.
Boman R. Irani, Chairman, Rustomjee Group said that this is a pilot project and we would like to expand this joint venture with the IKEA brand in future also on all such projects. He also informed that delivery of these flats will commence by December 2020 and we have signed the pact to deliver affordable furnished homes of worth Rs. 700 crore.
The Rustomjee group has offered possession of approximately 5,000 apartments in the first phase of township Global City and is launching 1,750 apartments in the second phase. The IKEA sponsored furnished homes will be the part of this newly launched phase.
Also, the international home furniture brand IKEA is the maiden multinational firm to get a Foreign Direct Investment (FDI) sanctioned and is also planning expansion in India by opening multiple stores in major cities.
The company opened their first Indian store in Hyderabad in 2018, and is planning to open the second store in Navi Mumbai this year. The company also has land parcels in Telangana, Maharashtra, Karnataka and Delhi-NCR.