"The site was successfully auctioned to IKEA, a multinational group, that designs and sells ready-to-assemble furniture," said HUDA Chief Administrator J Ganesan said today.
"It will augment our efforts in ensuring steady revenue stream for HUDA. This is not a one-off deal as we have planned out auctions of other institutional and commercial properties across the city in the next few months," Mr Ganesan said.
"Gurgaon has seen a reduced demand mainly due to rapidly changing investments scenario in real estate, especially in commercial sector. However, we are hopeful to sell more properties and gather handsome revenue for HUDA from the estates of Gurgaon," an official statement quoted Mr Ganesan as saying today.
IKEA marking its arrival in Gurgaon highlights the importance of this city and its position in the global marketplace as a business- and investor-friendly destination, the officer said.
On its website, the furniture maker says its concept starts with the idea of providing a range of home furnishing products that are affordable to many people, not just the few. "It is achieved by combining function, quality, design and value -- always with sustainability in mind," the company says.
The company plans to target India's untapped "functional furniture" market in which demand is high from upwardly mobile younger consumers.
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