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Logistic firm Bhumika enters real estate market, to invest Rs 300 cr in first project at Udaipur

Press Trust of India  |  New Delhi 

Logistic firm has forayed into and is developing a mixed use project at Udaipur, with an investment of Rs 300 crore.

The company is developing over 10 lakh sq ft area in the first phase of this project named

"We are developing our first project at The total area in this project will be 18 lakh sq ft. But, we are currently developing the first phase comprising over 10 lakh sq ft," said.

The project cost for the first phase in Rs 300 crore, he said.

project is being financed with a mix of equity, sales advances, internal accruals and debt which has been secured from Aditya Birla Finance Ltd, Poddar added.

The construction work has already started and the first phase will be delivered in the next three years.

In the first phase, the company is constructing a 5star hotel with 200 keys and has roped in for the management purpose.

is also developing a shopping mall, and office space and serviced apartments in the first phase.

The company is giving in shopping malls on lease, while office space, and service apartments are on sale model.

The project is being designed by shopping from -

Bhumika Group is planning to develop more commercial projects in Rajasthan, and the national capital market.

In its logistic business, the group handles and warehousing for

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, May 12 2019. 15:01 IST