Bhumika Group raises Rs 100 cr, to raise more

Realty developer Bhumika Group has raised nearly Rs 100 crore between debt and two Lease Rental Discounting (LRD) transactions. The company is in talks to raise another Rs 200 crore debt to fund the construction of phase 2 of its 3.5 lakh sq. ft. retail space in Udaipur based Urban Square mall. 

Uddhav Poddar, MD of Bhumika Group said, “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.” 

The group is in talks for a joint development agreement with the land owner to develop villas and low-rise buildings in Udaipur and Alwar.

“In the next phase of our mall in Udaipur, we will invest another Rs 400 crore at the group level, ” Poddar said.

The residential township in Udaipur and Alwar will be spread across 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.

Bhumika Group also has plans to expand in cities like Jaipur, Jodhpur, Kota, Bikaner, Ajmer & Delhi NCR.