Rajasthan based realty developer Bhumika group will invest Rs 450 crore in two residential and one retail project in Udaipur, Alwar, and Jaipur, companies MD Uddhav Poddar said.
The group is executing a mall in Udaipur and is in talk to do a joint development agreement with the land owner to develop villas and low rise in Udaipur and Alwar.
“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 15-20 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.
The report found that, though development in ‘shadow cities’ has moved at a snail’s pace, 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, these cities are exhibiting a readiness for big brands across the categories of fashion, luxury cars and jewellery among many others.
To boost sales, Bhumika group is giving on the spot booking discounts and special payment plans on every booking of shops, commercial offices, showrooms, or Hotel Suites at Urban Square, Udaipur.
“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,” Poddar added.
Cities such as Agra and Amritsar witnessed an impressive growth of more than 100 percent in the virtual residential demand over pre-COVID times, while cities of Vadodara, Ludhiana, Mangaluru, Chandigarh and Lucknow saw more than 80 percent growth in residential demand in the same period.