Bhumika forms JV with Trehan Group to build mall in Alwar at Rs 60 cr

Realty firm Bhumika Group on Friday said it has formed a joint venture with another builder Trehan Group to develop a shopping mall in Alwar, Rajasthan, at an investment of around Rs 60 crore.

The joint venture has signed multiplex operator INOX to run a four-screen cinema in this one lakh sq ft mall.

"We have partnered with Trehan Group to develop this one-acre project. Trehan Group had already constructed some area in this project. Now, we have joined hands to complete this project together," Bhumika Group Managing Director Uddhav Poddar said.

He said the project, named 'Urban Square Galleria', is expected to be completed by the end of the next year.

On its cost, Poddar said the total investment is estimated at around Rs 60 crore, including land cost.

Bhumika Group, a logistics firm, recently forayed into the real estate sector. It is developing two commercial projects in Rajasthan.

The company's first project 'Urban Square' is located in Udaipur where it is doing a mixed use development with an investment of Rs 300 crore.

It is constructing over 10 lakh sq ft area in the first phase and out of that, nearly one lakh sq ft area has been given on lease, mainly to Shoppers Stop and INOX.

In the first phase, the company is constructing a five-star hotel with 200 keys and has roped in 'Holiday Inn' for management. It is building high-street retail, office space and serviced apartments as well in the first phase. Aditya Birla Finance Ltd has provided funds for the project.

Bhumika Group handles transportation and warehousing for cement manufacturers in its logistics business.

Trehan Group has developed many projects in Alwar.