New Delhi, May 29, 2019: Logistic firm Bhumika group has forayed into real estate and is
developing a mixed use project at Udaipur, Rajasthan with an investment
of Rs 300 crore. The company is developing over 10 lakh sq ft area in
the first phase of this project named Urban Square.
“We are developing our first real estate project at Udaipur. The total
area in this project will be 18 lakh sq ft. But, we are currently
developing the first phase comprising over 10 lakh sq ft,” Bhumika group
Director and chief executive officer Uddhav Poddar said.
The project cost for the first phase in Rs 300 crore, he said. Urban
Square project is being financed with a mix of equity, sales advances,
internal accruals and debt which has been secured from Aditya Birla
Finance Ltd, Poddar added.
The construction work has already started and the first phase will be
delivered in the next three years. In the first phase, the company is
constructing a 5star hotel with 200 keys and has roped in Holiday Inn
for the management purpose.
Bhumika group is also developing a shopping mall, high-street retail and
office space and serviced apartments in the first phase. The company is
giving retail space in shopping malls on lease, while office space,
high-street retail and service apartments are on sale model.
The project is being designed by shopping mall specialist architect from
South Africa – Bentel Associates. Bhumika Group is planning to develop
more commercial projects in Rajasthan, Haryana and the national capital
market. In its logistic business, the group handles transportation and
warehousing for cement manufacturers.
Corporate Comm India(CCI Newswire)
