A release from the Chief Minister’s office has said Ikea India will be purchasing 50,000 sq metres of land which will come to around Rs19.21 crore per acre.
Ikea’s business centre aims to benefit small businessmen engaged in the supply of raw materials in Telangana. Also, the centre proposes to employ 500 people directly and hundreds of others indirectly. Besides, it would also give livelihood to hundreds of other people who offer related services.
The deal for land purchase gives an idea of the land prices and real estate situation existing in the city, the release added.