The Group however is looking to launch malls in Jaipur and one other undisclosed premium market in Rajasthan
Mumbai: Real Estate Developer Bhumika Group exits from its upcoming project in Alwar, Rajasthan named Urban Square Galleria due to the non-viability of the project, a company official said.
“We’ve exited The Urban Square Galleria in Alwar. We’ve sold our equity in that company. We sold our stake because we found that both assets and the market size were too small,” Uddhav Poddar, managing director, Bhumika Group, exclusively told IndiaRetailing. “There has to be a certain critical mass for the mall to do well which the mall didn’t have.”
Alwar is a small district near Jaipur that has a population of about 4.5 lakh. The mall was supposed to have an area of 1 lakh sq. ft. when the project was announced in 2019 under a joint venture between Trehan Developers and Bhumika Group. The plan included wide offerings such as retail shops, a food court, restaurants, a multiplex, an entertainment zone, etc. In addition to multiplex company Inox and multi-format retail brand Necessity 83, many other brands were in talks to acquire space in Urban Square Galleria. Bhumika Group, however, decided to exit the project as it was unviable and didn’t fit into its long-term goals, informed Uddhav Poddar, managing director, Bhumika Group.
With an aim to become an important player in the mall space, Bhumika will continue its expansion in other cities, the managing director said.
“We’re out (of Urban Square Galleria) but we are looking at two or three other opportunities. We are in an advanced discussion for land acquisition and one is in a premium location,” added Poddar.
In a 2022 interaction, Poddar had revealed that Bhumika Group was planning to expand to Jaipur, Bikaner, Jodhpur, Kota, Ajmer along with Delhi NCR and other tier 2 cities. Read it here.
Currently, the Bhumika Group operates Urban Square Mall, which was launched at Udaipur in December. Read details about the mall’s phase 1 and the upcoming phase 2 here.
