Bhumika Group leases 1 lakh sq ft area in Udaipur mall to Shoppers Stop, INOX & other retailers

Bhumika Group has given on lease nearly one lakh sq ft area in its upcoming shopping mall at Udaipur, Rajasthan, mainly to Shoppers Stop and multiplex operator INOX, a top company official said on Tuesday.

The logistic firm has forayed into real estate and is developing a mixed use project at Udaipur with an investment of Rs 300 crore. It is constructing over 10 lakh sq ft area in the first phase of the project 'Urban Square'.

"In this project, we are coming up with a three lakh sq ft shopping mall. So far, we have leased around one lakh sq ft area," Bhumika Group Director and Chief Executive Officer Uddhav Poddar said.

He said the company has leased 25,000 sq ft area to Shoppers Stop and 40,000 sq ft to INOX for six-screen multiplex. Marks & Spencer has taken 16,000 sq ft retail space in the mall.

The company is leasing retail space at a monthly rent of around Rs 60 per sq ft and expects rentals to rise, Poddar said.

"We expect to complete the entire leasing by July next year and give spaces to retailers for fit-outs. The mall will be operational by October 2020," he said.

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 plans to develop more commercial projects in Rajasthan, Haryana and the national capital market.

In its logistic business, the group handles transportation and warehousing for cement manufacturers.