Rustomjee joins hands with IKEA to develop designer homes in Mumbai
Category: #retail  By Pankaj Singh  Date: 2019-01-23
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Rustomjee joins hands with IKEA to develop designer homes in Mumbai

Reports indicate that IKEA, the Sweden based furniture retailing giant, has collaborated with Mumbai-based developer Rustomjee, for offering designer and furnished homes at Global City, an upcoming township project at Virar. Apparently, IKEA would be designing about 1,200 units of 1 & 2 BHK apartments, with prices between Rs.41 lakh and Rs.52 lakh respectively.

The developer recently said in a statement that the company is eyeing a Rs. 700 crore revenue with this partnership from this project alone. Boman Irani, Chairman of Rustomjee, was quoted saying it is the first time that a global brand such as IKEA has joined hands with a developer for providing fully furnished apartments with a variety of products offered by IKEA.

Irani further stated that the company is developing 1,700 apartments in one phase of this project, and around 1,200 apartments would be having IKEA home furnishings. This association would not be limited only to the project in Virar but would take this forward to other forthcoming projects as well, he said.

Mumbai store manager of IKEA, Niclas Silversved, mentioned that this tie-up is a testimony that IKEA is all about everyday low prices along with being accessible to the common people. The company would be providing its range of product offerings that are best suited for home-buyers.

For the record, Rustomjee currently has a portfolio of 12 million sq. ft. of ongoing development and 14.32 million sq. ft. of completed projects. The company has plans to develop around 28 million sq. ft. across the metropolitan region of Mumbai.

Sources with knowledge of the matter mentioned that IKEA follows a B2B as well as B2C model globally, supplying furniture to medium and small restaurants, companies, apart from working with real estate developers in partnerships. IKEA is likely to further enter into such tie-ups in India too.



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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