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 first phase of this project named Urban Square. “We are developing our first real estate project at Udaipur. The total area in this project will be 18 lakh sq ft. But, we are currently developing the first phase comprising over 10 lakh sq ft,” Bhumika Group Director and Chief Executive Officer Uddhav Poddar said.
The project cost for the first phase in Rs 300 crore, he said.
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 Ltd, Poddar added. The construction work has already started and the first phase will be delivered in the next three years. In the first phase, the company is constructing a 5star hotel with 200 keys and has roped in the 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 first phase. The company is giving retail space in shopping malls on the lease, while office space, high-street retail and service apartments are on sale model. The project is being designed by shopping mall specialist 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 logistics business, the group handles transportation and warehousing for cement manufacturers.