IKEA Group, global furniture major, has signed a strategic alliance with realty developer Rustomjee Group in order to offer furnished apartments in the latter’s residential project. The Swedish multinational is forming such an alliance for the first time across the world.
Initially, IKEA India will be providing ready-to-assemble furniture for around 1,200 apartments in Global City Virar, a project of Rustomjee, near Mumbai. This project will be offering 1 and 2 bedroom apartments at prices starting from Rs 34 lakh excluding taxes.
Boman R. Irani, Chairman, Rustomjee Group, said, "This is a pilot project and we would like to extend this association with IKEA across our similar residential projects. We’ll start delivering the project in two years by December 2020. Our alliance will deliver Rs 700 crore affordable furnished homes."
Nearly 5,000 apartments have already been delivered by Rustomjee in the first phase of township Global City. The company is now launching 1,750 units in the next phase, which will be part of IKEA furnished homes.