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Bhumika Group rents out one lakh sq ft area in shopping mall

Wednesday, 24 Jul 2019
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Bhumika Group has rented out nearly one lakh sq ft area in its upcoming shopping mall at Udaipur, Rajasthan. The area has been leased out mainly to Shoppers Stop and multiplex operator INOX.

Bhumika Group has forayed into real estate and is developing a mixed-use project at Udaipur with an investment of Rs 300 crore. It is constructing over 10 lakh sq ft area in Phase-I of the project 'Urban Square'. In this project, it is coming up with a three lakh sq ft shopping mall.

The company has leased out 25,000 sq ft area to Shoppers Stop and 40,000 sq ft to INOX for a six-screen multiplex. Marks & Spencer has taken 16,000 sq ft retail space in the mall. The company is leasing retail space at a monthly rent of around Rs 60 per sq ft and intends to complete the entire leasing by July 2020 and give spaces to retailers for fit-outs.

The mall will be operational by October 2020. In Phase-I, the company is constructing a five-star hotel with 200 keys and has roped in 'Holiday Inn' for management. It is building high-street retail, office space and serviced apartments as well in the first phase. Aditya Birla Finance has provided funds for the project.

Bhumika Group plans to develop more commercial projects in Rajasthan, Haryana and the national capital market. In its logistics business, the group handles transportation and warehousing for cement manufacturers.

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