Eldeco Infrastructure and Properties Ltd (EIPL) and HDFC Capital Advisors have committed an additional Rs 350 crore in their joint platform to develop housing projects. In a statement, Eldeco announced the latest round of funding of Rs 350 crore towards their joint platform aimed at developing residential projects across India.
With this latest funding, the platform size stands at Rs 850 crore.”With the first and second rounds of funding having been deployed, this third-round injection of Rs 350 crore will further accelerate the development of group housing and plotted development projects in multiple cities, namely Delhi, Gurugram, Ludhiana, Sonipat and Goa,” it added.
The company said the platform has already deployed Rs 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 Rs 8,000 crores. Out of this, projects with projected revenues of Rs 2,000 crores have already been launched in Panipat, Sonipat, Rishikesh and Kasauli,” the statement said.
Pankaj Bajaj, Chairman of Eldeco Group said the 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,” he said.
All segments of the real estate market are firing in India right now, he added.
Vipul Roongta, MD & CEO of HDFC Capital Advisors, 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.”
Eldeco Group, promoted by Pankaj Bajaj, is one of North India’s leading real estate developers. Apart from its presence in NCR, the Group has projects in Tier 2 cities of North India.
The Group operates in Lucknow through the listed entity Eldeco Housing & Industries Limited (EHIL) and in rest of the India through the privately held 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 sq ft in various stages of execution.
HDFC Capital, a subsidiary of HDFC Bank Ltd, is the real estate private equity arm of HDFC Group.
HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), which are registered with SEBI as a Category II Alternative Investment Funds. These funds combine to create a USD 3 billion + platform targeting the development of affordable and mid-income housing in India.
