Ikea India sought allotment of 50,000 square meters land from Telangana Government in Hyderabad(TSIIC) at a rate of Rs 19.21 crore an acre to set up business in and around Hyderabad, according to a CMO release on Thursday.
After negotiations between the TSIIC and the IKEA representatives, it was agreed upon to allot land listed under plot numbers 25, 26, 27 and 29 at Knowledge City under Rayadurgam limits.
To this extent, Ikea India managing director Juvenico Maetzu and chief financial officer Preet Dhupar have written to the Government of Telangana expressing their willingness to buy the land for the agreed price. The development is reflective of the rising land prices in Hyderabad and status of the real estate in Hyderabad.