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Talking about this Uddhav Poddar, MD of Bhumika Group said that “due to lockdown there are many issues like availability of labour and materials. Due to the COVID-19 crisis the Rajasthan Govt has also given a moratorium of 12 months. But we are confident towards delivering the project by March 2021 as per initial RERA timelines committed and all the efforts are being made to achieve this.”
Urban square is one of the only few projects in Udaipur, where construction has resumed post lockdown and is going as per the schedule timelines.
“We were able to retain the labour during lockdown and work was re-started on April 25, 2020 as per the government’s circulars with all the necessary safety precautions, sanitization and social distancing norms. In the last 2 months substantial work has been done and project is very much on the track.
“Almost all the brands signed up at Urban Square are committed and are looking forward towards launch of the mall. We are also thankful to them as they have honored the existing commercial terms as it was during the agreement signing and they have confirmed that they will be taking possession as per the committed timelines,” he further added.
Urban Square has the best brand mix; approximately 20 brands have been signed.
Some of them are Shoppers Stop, Reliance Trends, Inox, Marks & Spencer, Holiday Inn, Zudio, Aeropostale, Skechers, US Polo, Arrow Sport, FCUK, F-Bar, Looks, Go Colors, Reebok, Pepe Jeans, among others. These brands have leased around 1.75 lakh sq ft area.
“In fact, during COVID we have been able to close some new leases also,” he said.
There is not much inventory left in the mall now. The company has floated exciting payment plans keeping the current crisis and is getting favorable responses from the market. As per them it is the best time to invest in Urban Square, Udaipur
There has been an unprecedented demand which is reflected in no reduction in prices; the indications are that prices are expected to appreciate soon, especially once the mall becomes operational.
“Since launch, there has been substantial appreciation in the prices. Even during COVID-19 and lockdown, the Urban Square not only got huge inquiries from the market but was also able to do closures at existing rates without any extra discounting showing that there is strong demand for the product despite COVID,” added Poddar.
Urban Square is a 1.8 million sq ft mixed-use project, which also has a mall positioned as an ‘All Under One Roof’ with lifestyle retail, along with a food court, a state-of-the-art multiplex, gaming zone, a bowling alley, and many more entertainment options. The development also includes Grade -A commercial office space, commercial serviced suites, and a 5-star hotel.