Bhumika Realty raises Rs 170 cr to fund project in Faridabad

New Delhi, Jan 12 (PTI) Bhumika Realty has raised Rs 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.

In a statement on Monday, the company said the fund would be used for construction and working capital requirements.

Property consultant Cushman & Wakefield facilitated the deal.

"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," said Uddhav Poddar, CMD, Bhumika Group.

India's real estate sector has witnessed unprecedented growth in recent years with record capital deployment from both domestic and foreign investors, said A Balasubramanian, Managing Director & CEO, Aditya Birla Sun Life AMC Ltd.

"The demand for integrated mixed-use environments in Faridabad/NCR has never been stronger. We believe the modern consumer is seeking more than just a property and this seamless live-work-play ecosystem provides just that. Our investment in this project is driven by conviction, and we are proud to back a development that addresses this market gap," said Akshat Pandya, Head, Real Estate, Aditya Birla Sun Life AMC Ltd.

Aditya Birla Sun Life AMC Ltd 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 USD 130 million to invest in thirteen projects spread across six cities, focusing on post approval real estate projects with established partners.

With the robust deal pipeline under negotiation, the platform targets to achieve USD 1 billion of deployed capital under this strategy by 2028, the statement said.

Bhumika Realty, part of the Bhumika Group, has developed retail real estate projects in Delhi-NCR and Rajasthan. PTI MJH DR DR