Bhumika Group, a prominent mall developer in Rajasthan, has embarked on a joint development venture with Faridabad's Amolik Group to create a high-street retail project. This collaboration aims to transform a 5-acre land parcel situated on Mathura Road in sector-21 of Faridabad into a dynamic retail destination, catering to the diverse needs of consumers.

The partnership between Bhumika Group and Amolik Group underscores a strategic effort to bring Grade-A shopping malls and high-street locations to Faridabad, addressing a gap in the market. With a shared vision of enhancing consumer experiences, the project envisions a retail space encompassing 5.5 lakh square feet.

Uddhav Poddar, Managing Director of Bhumika Group, emphasized that the project's execution is planned as a singular phase, with a targeted completion timeline of 4 years from commencement. Poddar elaborated that the estimated project cost stands at approximately Rs 600 crore, anticipating a substantial revenue realization of Rs 1000 crore.

As the retail sector displays resilience post the challenges posed by the Covid-19 pandemic, Bhumika Group recognizes the promising potential of the retail industry.

Highlighting the significance of Faridabad's retail landscape, Poddar mentioned the scarcity of retail projects in the region. The project's intent to not only sell the retail area but also retain leasing rights reflects a strategic approach to curate an optimal tenant mix for sustained vibrancy.

The investment for this venture will be secured through a judicious combination of internal cash flow, pre-sales, and institutional investments. Bhumika Group's successful track record is underscored by the thriving Urban Square Mall in Udaipur, which has attained full occupancy and garnered a reputation for hosting prominent domestic and international brands.

As the collaborative journey unfolds between Bhumika Group and Amolik Group, this venture stands as a testament to the evolving retail landscape in Faridabad. With the promise of innovation, convenience, and engaging experiences, the forthcoming high-street retail project is poised to contribute significantly to the city's consumer ecosystem.