Multi-national furniture chain Ikea has bought a 9.82-acre commercial plot in Gurugram for Rs 842 crore, the Haryana Urban Development Authority said on Wednesday, according to PTI. This is HUDA’s single largest property auction.
The plot is located in Sector 47 of Gurugram. The bids were invited on October 31, with a reserve price of Rs 842.33 crore. Ikea bought the property for Rs 842.38 crore.
“This e-auction has come as a relief to cash-starved HUDA,” Vivek Kalia, estate officer, told the Hindustan Times. The site was put up for e-auction three times earlier but had not generated any interest.
The most expensive deal struck by HUDA before this was when it sold a two-acre plot to Hyundai for Rs 206 crore in November 2016.
Ikea is also setting up stores in Hyderabad and Mumbai, and plans to have 25 stores in India by 2025 with an investment of Rs 10,500 crore, The Times of India reported.