Bhumika Realty Secures Rs 170 Crore to Boost Faridabad Mixed-Use Project
Bhumika Realty, a prominent real estate developer, has successfully raised Rs 170 crore from a real estate credit platform jointly established by Aditya Birla Sun Life AMC and BGO. This substantial funding will be directed towards the construction and working capital requirements of a new mixed-use project in Faridabad.
The project, which is set to transform the urban landscape of Faridabad, is being facilitated by property consultant Cushman & Wakefield. The deal underscores the growing confidence in the real estate market, particularly in the National Capital Region (NCR).
According to Uddhav Poddar, CMD of Bhumika Group, Faridabad is entering a new phase of organized urban growth, driven by robust infrastructure and increasing end-user demand. “Closing financial arrangements within weeks of launch reinforces the strength of the project fundamentals and our disciplined approach to capital deployment,” Poddar stated.
India's real estate sector has witnessed unprecedented growth in recent years, with significant capital deployment from both domestic and foreign investors. A Balasubramanian, Managing Director & CEO of Aditya Birla Sun Life AMC Ltd, highlighted this trend, emphasizing the platform's role in supporting such growth.
The demand for integrated mixed-use environments in Faridabad/NCR has never been stronger, according to Akshat Pandya, Head of Real Estate at Aditya Birla Sun Life AMC Ltd. “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,” Pandya added.
Aditya Birla Sun Life AMC Ltd and BGO announced their collaboration to form a structured credit investment vehicle in June 2022. This platform offers strategic financing solutions and has already committed USD 130 million to invest in thirteen projects across six cities, focusing on post-approval real estate projects with established partners.
The platform is targeting to achieve USD 1 billion of deployed capital under this strategy by 2028, further solidifying its commitment to the real estate sector. With a robust deal pipeline under negotiation, the platform is well-positioned to achieve its ambitious goals.
Bhumika Realty, part of the Bhumika Group, has a strong track record of developing retail real estate projects in Delhi-NCR and Rajasthan. The company’s latest venture in Faridabad is expected to set new benchmarks for integrated mixed-use developments in the region.
