After two years, IKEA gets over 3,300 sq meters of land to start the project in Noida
Swedish furniture giant IKEA may soon start work on its store-cum-commercial complex in Noida, with the Authority finally agreeing to hand over 3,300 sqm land adjacent to the company’s plot in Sector 51.
However, the land parcel comes with a rider — IKEA will have to develop a rotary on the plot and keep it open for public use. The decision was taken at the Authority’s board meeting on Thursday.
Moreover, as a temporary measure, the furniture major has been given permission to create access to its land parcel through the children’s park that is located on the west side of the plot. The company, during talks with Authority officials, said that large trailers and heavy vehicles will be required during the construction work and due to presence of metro stations and walls on the north and east sides of their plot, an access was needed.
IKEA had sealed a pact with the UP government two years ago, but the deal did not make headway overpayments of the land cost. Last week, UP industries minister Satish Mahana announced all land issues had been resolved for the furniture major to start work on its Noida project, the largest of its kind in Delhi-NCR. IKEA opened its first India store in Hyderabad in 2018.
Also, probably for the first time, the Noida Authority has taken the approval of the board to halt a crucial infrastructure project — work on the elevated road that will connect the Chilla regulator to Mahamaya flyover.
Authority officials said that the UP government was supposed to provide 50% of the project cost through the public works department.
To be commissioned at the cost of Rs 605.31 crore, the Authority and the UPPWD were to pool in money to get the project executed. While Noida Authority has paid Rs 75 crore to the agency executing the project, the state government is yet to release funds. The project will commence only after the state government releases the funds, officials said.
“We will not have to justify the project cost overrun. We would also be able to revise the timeline of the project since senior officials are now aware of the matter,” said an official. Sources, however, said that senior Authority officials followed up with the PWD department on multiple occasions and on not getting any positive response wanted to highlight the matter before senior UP government officials.
Chilla elevated road has to be thrown open for commuters in January 2022, as per the original deadline. Besides, the Noida Authority has taken a decision to auction the land allocated to the Wave real estate group in the prime parts of the city.