Puravankara has signed an “Agreement to Lease (ATL)” with IKEA India for “more than 1.2 lakh square feet of leasable area” across two floors at Purva Zentech Park on “Kanakapura Road, Bengaluru.” The 9.6 lakh sq ft mixed-use commercial project, scheduled for completion by early 2026, strengthens Puravankara’s pan-India commercial portfolio.
Realty developer Puravankara Ltd has secured a marquee tenant for its upcoming commercial hub in South Bengaluru. The company has signed an “Agreement to Lease (ATL)” with IKEA India for around 1.2 lakh sq ft of retail space at Purva Zentech Park, a large mixed-use project coming up on Kanakapura Road, Bengaluru. For India’s office and flexible workspace ecosystem, this move underscores the growing importance of destination-led developments, where workspaces are situated alongside strong retail and lifestyle anchors.
Inside The Purva Zentech Park–IKEA Deal
According to the company’s filing, Puravankara will lease “more than 1.2 lakh square feet of leasable area across two floors” to IKEA India. The space sits within Purva Zentech Park, described as “a mixed-use commercial development with about 9.6 lakh square feet of leasable and saleable area.” The project is under construction and is “slated for completion by early 2026.” Once operational, the asset is expected to function as a high-footfall node, combining retail, office and potentially flexible workspace formats under one roof.
A Strong Signal For Experience-Led Office And Flex Hubs
Large anchor tenants like IKEA typically act as magnets for both consumers and corporate occupiers. For flex operators, coworking platforms and enterprise occupiers, being located in a project that houses a globally recognised retailer improves the overall experience value proposition for employees and visitors. Easy access to furniture, home solutions and lifestyle retail can also complement the needs of fast-expanding startups, design firms and GCCs that frequently use flexible office models and are sensitive to amenity-rich environments. While the filing focuses on the retail component, the scale of the campus creates room for a modern office stack, including managed and flex offerings.
Colliers’ Role And Market Context
The transaction was advised by real estate consultant Colliers, whose office services team acted as the advisor on this deal. Their involvement reflects the growing institutionalisation of large-format retail and commercial leasing in India’s key office markets. Bengaluru, in particular, has been at the forefront of integrating Grade A offices, flex workspaces and organised retail within the same campus, improving absorption and creating stable rental corridors for investors and developers.
Puravankara’s Expanding Footprint
The IKEA lease builds on an already sizable track record. As of September 30, 2025, Puravankara has completed “93 projects totalling 55 million sq ft” across nine cities—Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa. This spread signals both execution capability and geographic diversification. By adding a high-profile, long-term retail tenant at Purva Zentech Park, the developer is strengthening its commercial and mixed-use portfolio at a time when occupiers and consumers are gravitating toward integrated destinations.
As early 2026 approaches, all eyes will be on how Purva Zentech Park ramps up leasing, particularly on the office and flex side. For now, securing IKEA as a flagship retail tenant sends a clear message: Bengaluru’s mixed-use corridor on Kanakapura Road is firmly on the map for global brands and, likely, the next wave of Grade A workspaces.
