Bhumika Group to grow a high-street retail project in Faridabad
By siliconindia | Monday, 21 August 2023, 22:07 IST
A collaborative development deal has been reached with the largest mall developer in Rajasthan, Bhumika Group, to create a high-street retail project in Faridabad. Bhumika Group's managing director, Uddhav Poddar, remarked. The business has teamed up with a developer from Faridabad who owns a 5-acre plot of land on Mathura Road. "The development will take place in a single phase, with a projected 4-year building period. The total project cost is estimated at Rs 600 crore, and we project the total sales realization for this project to be Rs 1000 crore,” said Poddar.
The company will sell the retail area but keep the leasing right for a better tenant mix. Poddar said that Faridabad lacks quality retail space and many brands are willing to open shops in the city. Funding for this project will be a combination of pre-sales, internal cash flows, and institutional investments, reflecting Bhumika Group’s financial stability and industry credibility.
Bhumika Group’s Urban Square Mall in Udaipur has achieved 100% occupancy with many leading brands such as Shoppers Stop, Lifestyle, Pantaloon, Reliance, Rare Rabbit, Levi’s, Looks Salon, Starbucks, KFC, Pizza Hut, Chicago Pizza, among many others, phase 1 of the mall has over 85 brands from India and abroad already operational. The second phase of the mall will also be launched soon.
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