North India-based real estate developer Bhumika Group has raised Rs 170 crore in debt from a real estate credit platform.

North India-based real estate developer Bhumika Group has raised Rs 170 crore in debt from a real estate credit platform jointly managed by BGO and Aditya Birla Sun Life AMC. The funding is for a mixed-use project by the company on Mathura road in Faridabad, which has a revenue potential of over Rs 1,500 crore. “This investment reflects the growing institutional confidence in our development philosophy and execution capabilities. Faridabad is entering a new phase of organised urban growth, supported by infrastructure and rising end-user demand,” said Uddhav Poddar, chairman and managing director of Bhumika Group. Cushman & Wakefield acted as the transaction advisor for the deal. The recently launched project achieved financial closure with the funding. Live Events Last year, Gurgaon-based developer Elan Group had raised Rs 140 crore in debt from the same platform. Earlier, NCR-based Namo Realtech had secured Rs 350 crore from the platform. “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 and CEO of Aditya Birla Sun Life AMC. The structured credit investment vehicle Aditya Birla Sun Life AMC and BGO launched in June 2022, has successfully committed $130 million investments in 13 projects across six cities, focusing on post approval real estate projects with established partners. With the robust deal pipeline under negotiation and a thriving Indian real estate market, the platform aims to achieve $1 billion of deployed capital under this strategy by 2028. “Following our recent deployment in Gurgaon and having crossed the $100 million commitment milestone, we are excited to expand our portfolio with this project,” said Bharat Khanna, head of India at BGO. Somy Thomas, executive managing director, capital markets, at Cushman & Wakefield India, said the real estate industry in Faridabad is poised to benefit from upcoming infrastructure initiatives such as the FNG (Faridabad–Noida–Gurugram) Expressway and enhanced connectivity to the Noida International Airport in Jewar. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. ...moreless (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. ...moreless

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