Bhumika Group, a real estate developer, based in NCR, has raised close to Rs 100 crore through debt and two Lease Rental Discounting (LRD) transactions, according to Uddhav Poddar, MD of Bhumika Group.
To fund the construction of phase 2 of its 3.5 lakh sq. ft. retail space in Udaipur mall, the company is in talks to raise another Rs 200 crore in debt. The majority of the first phase has already been leased.
The tenants have begun fitting out the mall, which will be the largest in Udaipur in August 2022.
“Keeping in mind the demand for more space, we have advanced the construction of phase 2, which will be of a similar size. In addition to the retail area, there will be a hotel and office tower as well,” Poddar said.
“In the next phase of our mall in Udaipur, we will invest another Rs 400 crore at the group level. We also have a logistic business and the funding will be used to expand that business,” Poddar added.
The group is in talks with the landowner to develop villas and low-rise buildings in Udaipur and Alwar under a joint development agreement.
In Udaipur and Alwar, the residential townships will cover 15-20 acres.
“We are also planning a retail project in Jaipur. Post pandemic, tier 2 cities have emerged as the main destination for retail stores. Many luxury brands are also willing to open stores in these cities,” said Poddar.
“The mall’s utility is demonstrated by the regular attention displayed by prominent brands in it. We’ve always talked about positioning, and this mall will help brands achieve their goals. The goal is to provide the greatest lifestyle for the city’s residents, while also catering to the international tastes of visitors,” Poddar said.
Bhumika Group also has expansion plans in Jaipur, Jodhpur, Kota, Bikaner, Ajmer, and Delhi NCR.
