Swedish home furniture retailer Indian arm has recently made a strategic partnership with Rustomjee group and will design and furnish 1,200 apartments at the real estate developer’s Global City, the township on 217 acre in Virar, Maharashtra.
Ikea India is all set to launch its store in Mumbai. Ikea had announced last year it would be launching its second mega store in Navi Mumbai in March 2019.
Swedish giant has designed affordable furniture to utilize the carpet area of 389 square feet for the one-bedroom apartment and 512 square feet for the two-bedroom apartment, priced at `41 lakh and `52 lakh respectively, inclusive of the goods and service tax (GST), possession fee and furnished items. The group will earn revenue of around `700 crore through this project.
The difference between the Ikea-furnished homes and homes without furniture is `2-2.5 lakh.
“The homes in this township are based on our study about the needs of Indian families. Most of the furniture is expandable to create more space and at the same time entertain more people in the house. We are spread in 50 countries with more than 400 stores across the globe. Designing furniture for countries like Hong Kong and China, where the space constraints are more than in India has provided us with the experience to launch such flexible furniture in Mumbai,” store manager of Ikea Mumbai Niclas Silversved said.
Rustomjee is looking at a revenue of Rs 700 crore from this project alone with this partnership.
Boman Irani, chairman and director of Rustomjee group, said this association was possible as the company shares its vision of making homes for the common man at an aspirational price with Ikea. “A family needs an average of 6 months to set up their new home and to save that time and create more value, we have launched furnished flats along with the Ikea that design its products according to the buyer’s need,” said Irani.
Global City has an amusement park, called Yazoo Park, spread across 12 acre and an operational school called Rustomjee Cambridge International school that currently has 1,000 students.