<h1>Ikea leases 37,529 sq ft in Pune mall on a 59 month lease with a contractual rent escalation.</h1> Ikea India Private Limited has leased a 37,529 sq ft ground floor unit in Phoenix Marketcity mall, Pune, from Vamona Developers on a 59 month term. The lease provides for an initial monthly rent of Rs 38 lakh, rising to Rs 42.70 lakh from the fourth year, thereby embedding a contractual rent escalation mechanism and defining the lessee's payment obligations and permitted retail use as a city store.