Bhumika Realty raises ₹170 cr to fund mixed-use project in Faridabad

Bhumika Realty raises ₹170 crore from Aditya Birla Sun Life AMC-BGO credit platform to fund its ₹700-crore mixed-use project in Faridabad

NCR-based Bhumika Realty has raised ₹170 crore from a real estate credit platform of Aditya Birla Sun Life AMC and BGO to fund its new mixed-use project in Faridabad.

 

The developer had launched its mixed-use project, The Icon, in December, with an investment of ₹700 crore and projected sales realisation of ₹1,500 crore. The company said the funds would be used for construction and working capital requirements in the project.

 

The Icon achieved full financial closure within three weeks of launch, according to Bhumika Realty. The deal has been facilitated by property consultant Cushman & Wakefield.

  Commenting on the deal, Uddhav Poddar, CMD, Bhumika Group, said that Faridabad is entering a new phase of organised 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 added.

 

A Balasubramanian, managing director and CEO, Aditya Birla Sun Life AMC, added that India’s real estate sector has witnessed unprecedented growth in recent years, with record capital deployment from both domestic and foreign investors.

 

Aditya Birla Sun Life AMC and BGO had announced their collaboration to form a structured credit investment vehicle in June 2022, offering strategic financing solutions.

 

The platform has successfully committed $130 million to invest in 13 projects spread across six cities, focusing on post-approval real estate projects with established partners.

 

With a robust deal pipeline under negotiation, the platform targets achieving $1 billion of deployed capital under this strategy by 2028, the statement said.