Bhumika Logistic enters realty with ₹300-cr projects

Logistic firm Bhumika Group has forayed into the real estate segment and will develop a mixed use project at Udaipur in Rajasthan at an investment of ₹300 crore. The company is developing over 10 lakh sq ft area in the first phase of this project called Urban Square, said Director & CEO Uddhav Poddar. Of the total area of 18 lakh sq ft. the first phase comprising over 10 lakh sq ft is under development currently. The project cost for the first phase in ₹300 crore, which is being financed with a mix of equity, sales advances, internal accruals and debt, secured from Aditya Birla Finance. In the first phase, the company is constructing a 5-star hotel with 200 keys for which it has roped in Holiday Inn for its management; a shopping mall; high-street retail; office space; and serviced apartments. These will be given as sale or lease.