Real estate firm Eldeco Infrastructure and Properties Ltd EIPL and HDFC Capital Advisors have announced the commitment of an additional Rs 350 crore towards their joint platform for developing housing projects in India. This latest funding brings the platform size to Rs 850 crore. Accelerating development across multiple cities Eldeco stated that the injection of Rs 350 crore will further accelerate the development of group housing and plotted development projects in Delhi, Gurugram, Ludhiana, Sonipat, and Goa.
The company has already deployed Rs 500 crore in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida West, and Gurugram. Multiple revenue potential The platform has a cumulative revenue potential of Rs 8,000 crore across 17 projects. Out of this, projects with projected revenues of Rs 2,000 crore have already been launched in Panipat, Sonipat, Rishikesh, and Kasauli. Upcoming demand for premium housing Pankaj Bajaj, Chairman of Eldeco Group, highlighted that the partnership with HDFC Capital comes at the right time, as the demand for premium housing has surged in recent years. He noted that aside from first-time home buyers, a significant percentage of the demand is coming from people looking to upgrade their homes.
Demand in the real estate market Bajaj added that all segments of the real estate market in India are currently thriving, signaling positive growth and potential. This development partnership aims to provide high-quality homes at affordable prices in tier 1 and tier 2 cities across the country. A leading real estate developer Eldeco Group, promoted by Pankaj Bajaj, is a prominent real estate developer in North India. Apart from its strong presence in the National Capital Region (NCR), the group has projects in Tier 2 cities in North India. Past and ongoing projects Over the years, Eldeco Group has delivered 200 projects, covering approximately 30 million sq ft of real estate development. Presently, the group has 30 projects in various stages of execution, with 35 million sq ft of development.
About HDFC Capital Advisors, a subsidiary of HDFC Bank Ltd, serves as the real estate private equity arm of HDFC Group. HDFC Capital specializes in managing various affordable and mid-income housing funds registered with SEBI as Category II Alternative Investment Funds. The funds, including H-Care 1, H-Care 2, and H-Care 3, create a platform worth over USD 3 billion, targeting affordable and mid-income housing development in India.
Investing in promising developers Vipul Roongta, MD & CEO of HDFC Capital Advisors, emphasized their strategy of partnering with top-rated developers with a proven track record of development and delivery. Through this joint investment, the aim is to provide affordable, high-quality homes in tier 1 and tier 2 cities. The contribution of Eldeco and HDFC Capital is set to further boost the housing sector and contribute to the fulfillment of the growing residential demand in India.
