Rajasthan based realty developer Bhumika group’s MD Uddhav Poddar is going to invest rs. 450 crores in on residential and one retail projects in Udaipur, Alwar, and Jaipur.
The group is looking forward to build a mall in Udaipur and also a joint development agreement . “We expect to invest Rs 250 crore in residential and another Rs 200 crore in a mall in Jaipur, which will be spread in 3.5 lakh sq ft,” Poddar said.
The residential township in Udaipur and Alwar will be spread over 15 to 20 acres.
According to a study by housing.com, reverse migration of the corporate workforce and increased flexibility due to remote working is driving the residential demand in tier 2 and tier 3 cities, which has been so far limited to the top 8 cities of India.
According to the reports, though development in ‘shadow cities’ has moved very slowly, the current pandemic driven crisis has brought structural changes, which has accelerated the process of deeper market penetration in ‘shadow cities’ across sectors.
Not only housing, but these cities are also exhibiting a readiness for big brands across the categories of fashion, luxury cars, and jewellry among many others.
“The demand for real estate is highest in India, especially in the current pandemic situation. In the scenario when other investment vehicles have shown brittleness, real estate asset is gaining as it gives surety of return,” said Uddhav Poddar.
