Bhumika Realty Secures ₹170 Crore for Faridabad Mixed-Use Project
Bhumika Realty, a prominent player in the real estate sector, has secured a substantial investment of ₹170 crore from the real estate credit platform of Aditya Birla Sun Life AMC and BGO. This significant funding will be utilized for the development of a new mixed-use project in Faridabad, a city that is rapidly growing in terms of infrastructure and end-user demand.
The deal, which was facilitated by property consultant Cushman & Wakefield, underscores the robust financial backing and strategic vision of Bhumika Realty. The funds will be primarily used for the construction and working capital requirements of the project, ensuring a seamless execution from inception to completion.
Uddhav Poddar, CMD of Bhumika Group, expressed his satisfaction with the financial arrangements, stating, “Faridabad is entering a new phase of organized urban growth, supported by infrastructure and rising end-user demand. Closing financial arrangements within weeks of launch reinforces the strength of the project fundamentals and our disciplined approach to capital deployment.”
India's real estate sector has seen unprecedented growth in recent years, driven by substantial capital deployment from both domestic and foreign investors. A Balasubramanian, Managing Director & CEO of Aditya Birla Sun Life AMC Ltd, highlighted the sector's resilience and potential, saying, “The demand for integrated mixed-use environments in Faridabad/NCR has never been stronger. We believe the modern consumer is seeking more than just a property and this seamless live-work-play ecosystem provides just that.”
Akshat Pandya, Head of Real Estate at Aditya Birla Sun Life AMC Ltd, added, “Our investment in this project is driven by conviction, and we are proud to back a development that addresses this market gap. The modern consumer is looking for more than just a property; they want a holistic living experience, and this project is designed to meet those needs.”
Aditya Birla Sun Life AMC Ltd and BGO announced their collaboration in June 2022 to form a structured credit investment vehicle, aiming to provide strategic financing solutions. The platform has already committed USD 130 million to invest in thirteen projects across six cities, focusing on post-approval real estate projects with established partners. With a robust deal pipeline under negotiation, the platform targets to achieve USD 1 billion of deployed capital under this strategy by 2028.
Bhumika Realty, part of the Bhumika Group, has a strong track record in developing retail real estate projects in Delhi-NCR and Rajasthan. This new mixed-use project in Faridabad is set to further solidify their position in the market and contribute to the region's urban transformation.
