Bhumika Group has announced that it has signed up three more international brands – Adidas, Puma & Asics in its flagship project, Urban Square, Udaipur. The total area on lease for three 3 brands is 2612 sq ft.
Urban Square is a 1.8 million sq ft mixed-use development, which also has a mall positioned as an ‘All Under One Roof’ with lifestyle retail, hospitality, along with a food court, a state-of-the-art multiplex, gaming zone, a bowling alley, and many more entertainment options. The development also includes Grade-A commercial office space, commercial serviced suites, and a 5-star hotel.
The mall has been able to sign new leases during the lockdown period because of the commitment developer showed towards the on-time completion of the projects. Some of the brands that have already signed up for the mall are Shoppers Stop, Reliance Trends, Inox, Marks & Spencer, Holiday Inn, Zudio, Aeropostale, Sketchers, US Polo, Arrow Sport, FCUK, F-Bar, Looks, Go Colors, Reebok, Pepe Jeans, among others. These brands have leased around 1.75 lakh sq ft area.
The delivery of Urban Square is progressing as per delivery timelines and the project will be delivered as per RERA commitment. It is one of the only few projects where the construction is progressing at Udaipur. There is hardly any inventory left in the mall so it is the best time to invest in Urban Square, Udaipur. Talking about the availability of limited inventory in the mall, Uddhav Poddar, Managing Director, Bhumika Group said, “We have a good brand mix; more than 20 brands have been signed up and none of them have backed out so far. We have started to take confirmations from retailers and substantial retailers have already confirmed that they do not wish to renegotiate any terms and will take possession of the property in the first quarter of 2021. In fact, during Covid-19 we have been able to close some new leases also.”
There has been an unprecedented demand which is reflected in no reduction in prices; the indications are that prices are expected to appreciate soon especially once the mall becomes operational. “Since launch, there has been substantial appreciation in prices, even during Covid-19 & lockdown, Urban Square not only got huge inquiries but was also able to do closures at existing rates without any extra discounting showing that there is strong demand for the product despite Covid-19,” adds Mr Poddar.