Rajasthan’s largest mall developer, Bhumik Group, has entered into a joint development contract to develop a high-street retail project in Faridabad.

The realty firm has tied up with Faridabad-based Amolik Group, who owns a 5-acre land on Mathura Road in sector-21 of Faridabad and will develop 5.5 lakh square feet of retail space on this land parcel.

Uddhav Poddar, Managing Director of Bhumika Group, said that the project would be carried out in a single phase and is set to be completed within 4 years of the commencement.

He added the project cost is estimated to be around Rs 600 crore, with a total revenue realisation from the project is estimated to be Rs 1000 crore.

The company plans to sell the retail area but plans to keep the leasing right for a better tenant mix.

The investment will be funded through a combination of internal cash flow, pre-sales, and institutional investments.

Podar said the retail sector has bounced back after the Covid-19 pandemic and highlighted that the Faridabad market has very few retail projects, and the city needs Grade-A shopping malls and high-street locations to cater to consumer needs.

Bhumika Group’s Urban Square Mall in Udaipur has been well-received and has achieved 100% occupancy, with many leading brands from India and abroad already operational.