The company invests to develop nearly 10 lakh square feet of commercial project, comprising retail, office and hospitality area, at Udaipur in Rajasthan
New Delhi: Realty firm Bhumika Group will invest around Rs 300 crore to develop nearly 10 lakh square feet of commercial project, comprising retail, office and hospitality area, at Udaipur in Rajasthan.
This is the second phase of Urban Square mall, which is already operational from November last year.
“We have a 7-acre land parcel at Udaipur. In the first phase, we have developed around 10 lakh square feet of built-up area with an investment of Rs 350 crore,” Bhumika Group MD Uddhav Poddar told reporters here.
He said the company has already completed a shopping mall as well as high street having 3 lakh square feet of leasable area, 1.5 lakh square feet of office space and 68 service apartments. The total saleable/leasable area in the first phase is around 6 lakh square feet.
“We will start construction of the second phase from June comprising 9.5 lakh square feet of built-up area and 7.5 lakh square feet saleable/leasable area,” Poddar said.
The total investment for the second phase will be around Rs 300 crore, he said, adding it would take 36 months to complete the development.
In the second phase, the company will develop 3 lakh square feet of retail area, 2.5 lakh square feet area of office space and a 200-room hotel, which will be operated by Holiday Inn brand.
The company has already sold or leased almost the entire first phase, Poddar said.
“Urban Square mall is a symbol of our commitment to elevating the shopping experience in Udaipur. As a popular tourist destination, the mall provides immense growth potential for retailers and tenants,” he said.
The company has signed more than 80 brands like Shopper’s Stop, Lifestyle, Crossword, Forest Essentials, Meena Bazaar amd Himalaya Opticals for its mall.
Bhumika Group plans to develop more commercial projects in Rajasthan, Haryana and the national capital market.
