Realty Firm Bhumika Group To Invest Rs 600 Cr To Build High-Street Retail Project In Faridabad

Realty firm Bhumika Group will invest Rs 600 crore to develop a high-street retail project in Faridabad as part of its expansion plan.
     
The company has already comple0ted the first phase of its retail project in Udaipur, Rajasthan comprising 10 lakh square feet area and is constructing another 8 lakh square feet space.
     
"We have entered into a joint development agreement with a local real estate firm Amolik group which owns 5-acre land parcel in Faridabad. We will develop 5.5 lakh square feet of high-street retail on this land parcel over the next four years," Bhumika Group MD Uddhav Poddar told reporters.
     
The two partners would share area in this retail project, he said.
     
Poddar said the retail sector has bounced back after the second wave of the COVID pandemic.
     
Asked about the investment, Poddar said the total project cost is estimated at Rs 600 crore.
     
The investment would be funded through a combination of pre-sales, internal cash flows, and institutional investments.
     
Poddar said the company would be selling retail space in this project but might retain some area for leasing purpose.
     
However, he said the company would retain the leasing area.
     
"We project the total sales realization for this project to be Rs 1,000 crore," Poddar said.
     
In Faridabad market, he said there are very few retail projects and the city needs Grade-A shopping malls and high-street locations to cater to the demand for local people.
     
Among major developers, Omaxe has a retail project in the city.
     
Poddar said the company's retail project 'Urban Square Mall' in Udaipur has been doing well.
     
He said the company is looking for land outright and in partnership to develop more retail projects and also enter into housing segment.
     
Apart from real estate, Delhi-based Bhumika Group is into logistics and e-commerce businesses.