Logistic firm Bhumika group has forayed into real estate market and is developing a mixed-use project at Udaipur, Rajasthan with an investment of Rs 300 crore. The firm is developing over 10 lakh square ft area in the first phase of this project named Urban Square. It is their first real estate project at Udaipur. The total area in this project will be 18 lakh sq ft.
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 commenced and the first phase will be executed in the next three years. In the first phase, the company is constructing a 5star hotel with 200 keys and has roped in Holiday Inn for the management purpose.
Additionally, 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 lease, while office space, high-street retail and service apartments are on sale model. Going forward, Bhumika Group is planning to develop more commercial projects in Rajasthan, Haryana and the national capital market. In its logistic business, the group handles transportation and warehousing for cement manufacturers.