Private Sector | Delhi - India | PID: 202872
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Rajasthan-based mall developer Bhumika Group plans to develop 3,00,000 sq. ft. of retail space in Delhi NCR in 2024. It has also entered into a joint development agreement to develop a high-street retail project spread across 5,50,000 sq. ft. in Faridabad. Addition of three lakh sq. ft. retail space is through the public-private partnership (PPP) model with various government authorities such as Delhi Metro, Regional Rapid Transit System between Delhi and Meerut.
With this, the company’s total retail portfolio in NCR will reach 8,50,000 sq. ft. The tentative outlay of around Rs 550 crore, including around Rs 400 crore for the mall, and Rs 100 crore to Rs 150 crore for the balance three lakh sq. ft. development. The company is already developing retail space at NHPC Metro Station in Faridabad, and intends to take more such space.
Leveraging NCR's commercial potential and Faridabad as a growth corridor, the company expects to provide unparalleled shopping experiences to residents and visitors. The project is being funded throughinternal cashflows and FIs, as a marker of financial stability and industry credibility.
Bhumika Group’s Urban Square Mall in Udaipur, has achieved 100 percent occupancy with many leading brands such as Shoppers Stop, Lifestyle, Pantaloon, Pizza Hut, Chicago Pizza among many others. In Phase-1, the mall houses 85 brands from India and abroad as already operational, while the second phase of the mall will also be launched soon.
| Updated on: 13 - May - 2024
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