NCR-based Bhumika Realty has raised Rs 1.7 billion from a real estate credit platform backed by Aditya Birla Sun Life AMC and BGO to fund its upcoming mixed-use project in Faridabad.

The developer launched the project, The Icon, in December with a planned investment of Rs 7 billion and projected sales realisation of Rs 15 billion. Bhumika Realty said the fresh capital will be deployed towards construction and working capital requirements.

According to the company, the project achieved full financial closure within three weeks of launch, underscoring strong lender confidence. The transaction was facilitated by property consultant Cushman & Wakefield.

Uddhav Poddar, chairman and managing director of Bhumika Group, said Faridabad is entering a new phase of organised urban growth, supported by infrastructure upgrades and rising end-user demand. He added that the swift financial closure reflects the project’s fundamentals and the group’s disciplined capital deployment strategy.

A Balasubramanian, managing director and chief executive of Aditya Birla Sun Life AMC, said India’s real estate sector has seen unprecedented growth in recent years, marked by record capital deployment from both domestic and overseas investors.

Aditya Birla Sun Life AMC and BGO had announced their partnership in June 2022 to create a structured real estate credit investment platform offering strategic financing solutions. The platform has so far committed about $130 million across 13 projects in six cities, focusing on post-approval developments with established partners. With a strong pipeline under discussion, it is targeting total capital deployment of $1 billion under this strategy by 2028.