Eldeco and HDFC Capital infuse additional funding of ₹350 cr in joint platform
Eldeco said the platform has deployed ₹500 cr in housing projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida and Gurugram
Eldeco Infrastructure and Properties Limited, and HDFC Capital Advisors Limited have announced an additional round of funding of ₹350 crore in their joint platform aimed at accelerating development of group housing and plotted development projects in Delhi, Gurugram, Ludhiana, Sonipat and Goa.
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With this latest funding, the platform size stands at ₹850 crore, the company said in a statement.
With the first and second rounds of funding having been deployed, this third-round injection of ₹350 crore will further accelerate the development of group housing and plotted development projects in multiple cities, namely Delhi, Gurugram, Ludhiana, Sonipat and Goa, the company said.
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The company said the platform has already deployed ₹500 crore in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida (West) and Gurugram.
The platform’s cumulative revenue potential across 17 projects is estimated to be ₹8000 crore. Out of this, projects with projected revenues of ₹2000 crore have already been launched in Panipat, Sonipat, Rishikesh and Kasauli, it said in a statement.
"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,” said Pankaj Bajaj, Chairman of Eldeco Group.
He said that the luxury vacation homes segment has picked up over the last few years. Goa has been doing well for the last few years. “We have launched our own luxury vacation homes vertical – Terra Grande- in Kasauli and Rishikesh,” he said.
“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 of more than ₹700 crore 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 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," said Vipul Roongta, MD and CEO of HDFC Capital Advisors Limited.
Eledeco Group operates in Lucknow through the listed entity Eldeco Housing & Industries Limited (EHIL) and the rest of India through the privately-held Eldeco Infrastructure & Properties Limited (EIPL). Eldeco Group has delivered 200 projects with approximately 30 million sq ft of real estate development. Besides these, the Group has 30 projects with 35 million sqft in various stages of execution.