Rustomjee, Ikea To Offer Furnished Homes, Eye Rs 700 Crore Revenue
In a first, the Swedish furniture retailing giant Ikea has partnered with Mumbai-based developer Rustomjee to offer designer, furnished homes at an upcoming township project “Global City” at Virar.
The home furnishing and accessories major Ikea will design around 1,200 units of one and two bedroom-hall-kitchen apartments priced between Rs 41 lakh and Rs 52 lakh, respectively.
Rustomjee is looking at a revenue of Rs 700 crore from this project alone with this partnership, the companies told reporters on Monday.
This is for the first time a global brand like Ikea has partnered with a developer to provide fully furnished apartments with a range of product offerings from Ikea. We are developing 1,700 apartments in this phase of the project, of which nearly 1,200 will have Ikea home furnishings.Boman Irani, Chairman, Rustomjee
He further said this association will not be limited to the Virar project in the neighbouring Palghar district, but will take it forward to other upcoming projects as well.
Commenting on the partnership, Ikea Mumbai store manager Niclas Silversved said, "this tie-up is a testimony that we are about everyday low prices and being accessible to the common people. We will be providing our range of product offerings best suited for home-buyers."
Rustomjee currently has a portfolio of 14.32 million square feet of completed projects and 12 million square feet of ongoing development. It has plans for developing nearly 28 million square feet across the Mumbai metropolitan region.