Ingka Centres to Invest Rs 5500 Crore in Developing Shopping Destination in Noida

Noida, India – Ingka Centres, the global shopping center operator, has announced plans to invest Rs 5500 crore in developing a new shopping destination in Noida, Uttar Pradesh. The project, which is expected to be completed in phases over the next few years, will include a mix of retail, entertainment, and dining options.

The new shopping destination will be located on a 20-acre site in Sector 18, Noida, and will feature over 1 million square feet of leasable space. It will be anchored by a large-format IKEA store, as well as a number of other international and domestic brands. The project will also include a food court, a multiplex cinema, and a variety of other entertainment and leisure facilities.

The investment in the new shopping destination is part of Ingka Centres’ larger plans to expand its presence in India. The company currently operates 18 shopping centers in India, and plans to open several more in the coming years.

The new shopping destination in Noida is expected to create thousands of jobs and boost the local economy. It is also expected to attract a large number of visitors from the surrounding areas.

The project is still in the early stages of development, but Ingka Centres has already begun working with the local authorities to obtain the necessary approvals. The company is also in talks with potential tenants for the new shopping destination.