Bhumika Group Secures ₹170 Cr Debt for Faridabad Project
Overview
North India's Bhumika Group has raised ₹170 crore in debt financing from the BGO-Aditya Birla Sun Life platform. This capital injection is earmarked for a significant mixed-use development on Mathura Road in Faridabad, which projects a revenue potential exceeding ₹1,500 crore. The deal underscores increasing institutional trust in the developer's capabilities and Faridabad's burgeoning urban growth.
Stocks Mentioned
Debt Financing Secured
Bhumika Group has successfully raised ₹170 crore in debt from a specialized real estate credit platform managed jointly by BGO and Aditya Birla Sun Life AMC. This funding marks a significant step for the North India-based developer, enabling financial closure for its ambitious mixed-use project situated on Mathura Road in Faridabad.
Project Scope and Potential
The Faridabad development is projected to generate revenues exceeding ₹1,500 crore. Bhumika Group Chairman and Managing Director Uddhav Poddar highlighted that the investment reflects growing institutional confidence in the company's development strategy and execution. Poddar noted Faridabad's transition into a phase of organized urban expansion, bolstered by infrastructure improvements and rising demand from end-users.
Lender's Perspective and Platform Activity
A. Balasubramanian, Managing Director and CEO of Aditya Birla Sun Life AMC, commented on the sustained growth in India's real estate sector, citing record capital deployment by investors. The BGO-Aditya Birla Sun Life AMC joint investment vehicle, launched in June 2022, has now committed $130 million across 13 projects in six cities. Bharat Khanna, head of India at BGO, expressed excitement about expanding their portfolio with this project, following their recent deployment in Gurgaon and crossing the $100 million commitment milestone.
Faridabad's Growth Drivers
Cushman & Wakefield, which acted as the transaction advisor, pointed to upcoming infrastructure initiatives as key catalysts for Faridabad's real estate market. These include the Faridabad-Noida-Gurugram (FNG) Expressway and improved connectivity to the Noida International Airport in Jewar. This strategic location and infrastructure development are expected to significantly benefit the sector.
