After the completion and leasing out of phase one of the Udaipur mall the company is in talks to raise another Rs 200 crore for construction of phase 2 of its 3.5 lakh sq. ft. retail space.
Bhumika Group, a NCR-based real estate developer raised about Rs 100 crore debt for the first phase coupled with two Lease Rental Discounting (LRD) transactions for first phase of construction of Udaipur mall, Uddhav Poddar, MD of Bhumika Group, told ET.
After the completion and leasing out of phase one of the Udaipur mall the company is in talks to raise another Rs 200 crore for construction of phase 2 of its 3.5 lakh sq. ft. retail space.
The Udaipur mall will be operational and open to public by August 2022. The store owners and tenants have already started fit outs in the mall to be ready for business.
“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.
Bhumika group has taken up two LRDs through banks to raise the debt for development, where the bank considers the long-term rental income of the company and loan repayment is done using the rental income.
“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 said.
The group is also keen to join hands with the owner of the land for a joint development agreement by developing villas and low-rise buildings in Udaipur and Alwar.
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.
“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 plans to expand in cities like Jaipur, Jodhpur, Kota, Bikaner, Ajmer and Delhi-NCR.
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