Bhumika Group, which is among the fastest growing real estate developers in the National Capital Region (NCR) has declared the release of its most recent mixed-use real estate project known as The Icon in Faridabad, Haryana. The project will be a 360-degree re-invention of the urban landscape of the city with an investment of 700 crore, which will further consolidate the presence of the group in one of the fast-growing residential and commercial hubs in NCR .

Bhumika The Icon is located on a strategic growth pathway in Faridabad and is planned as an invigorating and multi-purpose place that puts together high-quality residential accommodation with business and hospitality organizations. The development will create a total sales potential of around 1500 crore, which will be an indication that such big-scale mixed-use developments involving huge amounts of money are in demand and are expected to perform well by the investors in the region.

A Strategic Mixed-Use Vision

The Icon will have a large footprint and integrate various real estate verticals in a single master-planned ecosystem. The project is predominantly characterized by 88 high-end low residential housing units, where the units are well furnished in terms of configurations, e.g., 3BHK plus study plan, offering high-end residential houses to the discriminating home purchasers in need of spacious and lifestyle-oriented residential areas.

Besides the residential services, the development will include commercial spaces that will promote active business and retail conditions. These business entities are predicted to attract both the existing brands and the local enterprises in order to boost the developing retail and service sector in Faridabad.

Another significant aspect of the staged construction of Bhumika The Icon Faridabad is the intended introduction of a hotel tower consisting of suites with servicing services in subsequent stages of construction. This will improve the hospitality aspect of the project and to provide a destination that will cater to both the residents and office workers and the business and corporate travelers.

Timescales and Stages of Development

According to the market observers, the development schedule of the project is designed to take a period of about four years and three months, with the residential units of the project being launched in the initial phase of the development. The next steps will be devoted to the business premises and the hotel tower that will allow executing the offerings in stages depending on the demand dynamics and the progress of the construction.

The available data on the realty market shows that Faridabad has become a promising investment place because of the factors of the improving connectivity to the rest of the NCR, the relative affordability of the land prices in contrast to the nearby areas such as Gurugram and Noida, and the increasing demand on the types of spaces that would combine the convenience of a residential area with retail and work, as well as leisure facilities.

Expansion of the Regions and Strategy of Growth

The introduction of Bhumika The Icon in Faridabad is in line with the overall expansion plan of Bhumika Group in Faridabad and NCR. The developer has been on the offensive to expand in the region, with the development of retail hubs in areas associated with the metro stations and the proposed integrated township projects cutting across multiple sectors.

This announcement came after the group had earlier performed bhoomi poojan (groundbreaking) on a piece of land at Sector 114, which solidified its interest in long-term durability in the Faridabad real estate market. It is estimated that the investment plans of the company in the region involve more than 2,200 crore of various developments, which can be classified as premium mixed-use real estate development, along with metro-connected shopping areas.

Potential and Industry Environment

According to industry observers, the release of Bhumika Faridabad is a timely move since the real estate industry in the city of Faridabad is experiencing a revival of home buyers and investors. The development of the city to a retail and residential hub has been enhanced by the availability of better infrastructure systems, such as a road network, the development of metro networks, and easy access to major employment hubs of Delhi and Gurugram.

Faridabad has been experiencing an increase in its property market due to the developers who are capitalizing on the demand for mixed-use developments, providing lifestyle amenities, convenience, and an independent urban environment. Buyers are finding such developments more acceptable as they believe in integrated living, working, and leisure in the same community footprint.

Looking Ahead

Bhumika The Icon Project in Faridabad, with its high investment and progressive design, is set to be a good model project in the real estate of Faridabad. It is believed that the project will not only serve an increasing number of high-end homebuyers but also commercial partners and hospitality customers who would like to experience an exciting mixed-use atmosphere.

The Icon would have a significant role in enhancing the urbanization of Faridabad and the NCR at large, as Bhumika Group keeps investing in its expansion strategies in the area, which would be one of the most interesting places to invest in real estate development.

Bhumika The Icon Amenities