With the first and second rounds of funding having been deployed, this third-round injection of Rs 350 cr will further accelerate the development of group housing and plotted development projects in multiple cities, namely Delhi, Gurugram, Ludhiana, Sonipat and Goa.
Eldeco Infrastructure and Properties Limited (EIPL), a prominent player in North India’s real estate sector, and HDFC Capital Advisors Limited (one of the largest real estate fund managers in India) have announced the latest round of funding of Rs 350 crore towards their joint platform aimed at developing residential projects across India. With this funding, the platform size stands at Rs 850 crore, underscoring a resolute commitment to addressing the nation’s growing residential demand.
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The strategic partnership between Eldeco Group and HDFC Capital has scaled up rapidly in the post-COVID housing boom sweeping the country. With the first and second rounds of funding having been deployed, this third-round injection of Rs 350 cr will further accelerate the development of group housing and plotted development projects in multiple cities, namely Delhi, Gurugram, Ludhiana, Sonipat and Goa.
According to the company, Rs 500 cr invested in earlier rounds have been successfully deployed in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida (West) & Gurugram. The platform’s cumulative revenue potential across 17 projects is estimated to be Rs 8000 cr. Out of this, projects with projected revenues of Rs 2000 crore have already been launched in Panipat, Sonipat, Rishikesh and Kasauli.
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Expressing his enthusiasm for the continued partnership, Pankaj Bajaj, Chairman of Eldeco Group, said, “Our partnership with HDFC Capital has come at the right time. After a prolonged downturn, the demand for premium housing has surged all over the country in the last couple of years. Apart from first-time home buyers, a significant percentage of demand is coming from people who want to upgrade to newer and better homes.”
“All segments of the real estate market are firing in India right now. A new segment which has emerged is luxury vacation homes. Goa has been doing well for the last few years. We have launched our own vacation homes vertical – Terra Grande – in Kasauli and Rishikesh,” he said.
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We have been receiving great response for all the projects we have launched till now in our platform with HDFC Capital. In fact, we are launching our Greater Noida (West) project – Eldeco La Vida Bella – next week and expect sales booking of more than Rs 700 cr within a week. The platform has a diversified mix of projects – townships in tier 2 cities, high rises in NCR and second homes in places like Rishikesh and Goa,” he added.
Vipul Roongta, MD & CEO of HDFC Capital Advisors Limited, said, “Our continued collaboration with the Eldeco Group highlights our strategy of partnering with top rated developers with a good track record of development and delivery. Through this investment, we aim to develop high-quality homes at affordable prices in tier 1 and tier 2 cities across India.”
