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Bhumika Group forays real estate with mixed-use project

Monday, 13 May 2019
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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 Phase-I of this project named Urban Square. The total area to be developed in this project will be 18 lakh sq ft.

 

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. The construction work has already started and the Phase-I will be delivered in the next three years.

In the Phase-I, the company is constructing a five star 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 Phase-I.

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 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.

 
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