Bhumika Realty Secures Rs 170 Crore for Faridabad Mixed-Use Project
NEW DELHI, Jan 12: Bhumika Realty has secured Rs 170 crore from a real estate credit platform jointly run by Aditya Birla Sun Life AMC and BGO to finance a new mixed-use project in Faridabad. The funds will be utilized for construction and working capital requirements, ensuring the project progresses smoothly.
The deal was facilitated by property consultant Cushman & Wakefield, a leading player in the real estate advisory sector. This strategic investment highlights the growing interest in Faridabad as a key urban growth hub, supported by robust infrastructure and increasing end-user demand.
Uddhav Poddar, CMD of Bhumika Group, expressed his satisfaction with the arrangement. “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,” he stated.
A Balasubramanian, Managing Director & CEO of Aditya Birla Sun Life AMC Ltd, emphasized the sector's growth. “India’s real estate sector has witnessed unprecedented growth in recent years with record capital deployment from both domestic and foreign investors. This investment in Faridabad is a testament to the market's potential and our commitment to supporting high-quality projects.”
Akshat Pandya, Head of Real Estate at Aditya Birla Sun Life AMC Ltd, added, “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. Our investment in this project is driven by conviction, and we are proud to back a development that addresses this market gap.”
Aditya Birla Sun Life AMC Ltd and BGO announced their collaboration in June 2022 to form a structured credit investment vehicle, offering 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 aims to achieve USD 1 billion of deployed capital under this strategy by 2028.
Bhumika Realty, a part of the Bhumika Group, has a strong track record of developing retail real estate projects in Delhi-NCR and Rajasthan. This latest investment further solidifies their position in the market and underscores their commitment to delivering high-quality, integrated urban environments.
