Rajasthan-based real estate developer Bhumika Group plans to add 8.5 lakh square feet of retail space in Delhi NCR in 2024 with a tentative investment of around Rs 550 crore.
According to the company, the real estate development will include a 5.5 lakh square feet high-street retail mall project in Faridabad and another 3 lakh sqft retail space under the public-private partnership (PPP) model with various government authorities such as Delhi Metro, Regional Rapid Transit System between Delhi and Meerut. Bhumika Group is already developing retail space at NHPC Metro Station on Delhi Metro’s violet line.
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Uddhav Poddar, Managing Director, Bhumika Group, said that the retail project in Faridabad is situated at prime location in sector 27 and have a 2-acre frontage along Mathura Road.
"We are bullish on NCR's commercial potential and view Faridabad as a key realty growth corridor. The tentative investment in the Faridabad high-street mall will be around Rs 400 crore while for the balance 3 lakh sqft development, it is likely to remain between Rs 100 crore to Rs 150 crore,” Poddar said.
He said that the work on the Faridabad project is likely to start in September 2024 and will be completed in next three years.
He said that Bhumika Group is also taking part in bids invited by different government authorities such as Delhi Metro and RRTS in Delhi NCR to develop and set up commercial establishments there.
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