Eldeco Infrastructure and Properties Limited (“EIPL”), a part of the EldecoGroup, headquartered in New Delhi, one of North India’s leading Real Estate development Company announced that it has partnered with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) – a fund managed by HDFC Capital Advisors Limited, to form a platform focused on the development of low-rise, plotted development projects in Tier 2 cities in National Capital Region (NCR) while ensuring quality and timely delivery of finished units. The proposed developments will be undertaken by a special purpose vehicle “Eldeco Greens Infrastructure Private Limited” set up with an initial investment of Rs. 150 crores. Currently, two projects have been identified in Panipat and Faridabad with combined saleable area of approximately 1.5 million sf and sales revenue of approximately Rs. 500 crores.
Ms. Renu Sud Karnad, Managing Director, HDFC Ltd, said “Inline with the ‘Housing for all 2022’ vision of the Government of India, HDFC’s endeavour is to help address the demand-supply gap in affordable housing in India by providing flexible, long-term capital to leading developers across India. We are committed to partnerships with trusted real estate brands like Eldeco with a good track record of development and delivery.””
Mr. Vipul Roongta, MD & CEO of HDFC Capital Advisors Limited added “Our endeavour is to act as an enabler to the growth of affordable and mid-income housing in the country. Through our partnership with Eldeco Group, we will focus on meeting the increasing demand for high-quality low-rise and plotted development at affordable prices. This inline with HDFC Capital’s strategy of partnering with top-rated developers to increase the supply of affordable and mid-income housing in India while ensuring quality and timely construction”
Commenting on the strategic alliance, Mr. Pankaj Bajaj ChairmanEldeco Group said “We are delighted to have this partnership which will help us boost growth and investments.There has been an upsurge in demand for plots and low-rise development in gated townships after the pandemic, with most players in this segment reporting robust sales. We are present in 15 cities of North India and everywhere we are facing inventory shortage.’’
About Eldeco Group:
Established in 1985, Eldeco Group is a North India-focused real estate developer with strong presence in Tier 2 cities. The Group operates in Lucknow through the BSE listed entity Eldeco Housing & Industries Limited (EHIL) and in rest of the cities through the closely held Eldeco Infrastructure & Properties Limited (EIPL).
Eldeco Group has delivered 175 projects with approximately 30 million sf of real estate development. Besides these, the Group has 30 projects with 35 million sf in various stages of execution. Apart from Lucknow, Kanpur, Greater Noida, Noida and Gurugram, Eldeco is a leading real estate developer in key cities of North India such as Panipat, Sonepat, Ludhiana, Bareilly, Panchkula, Neemrana, Sohna, and Jalandhar.
About HDFC Ltd:
Housing Development Finance Corporation Ltd (HDFC), the pioneer of retail, housing finance in India has assisted over 86 lac families to own their house. HDFC’s strength has been its value-added services, delivered through a specialist team of trained and experienced professionals. HDFC has consistently had an impeccable record of customer-friendly services.
HDFC has been described as a model housing finance company providing technical assistance and consultancy assignments for developing countries across Asia, Africa and East Europe. HDFC’s average home loan size is Rs 30.9lac. HDFC continues to have the highest number of beneficiaries at over 2.5lac who have availed benefit under the Credit Linked Subsidy Scheme (CLSS)..
About HDFC Capital Advisors:
HDFC Capital Advisors Limited, a 100% subsidiary of HDFC Limited, provides investment management services for real estate private equity financing and is one of the largest fund managers in the country. The company is the investment manager to HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) and HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2), both SEBI registered Category II Alternative Investment Funds. The primary investors in the H-CARE funds include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and the National Investment and Infrastructure Fund (NIIF).
H-CARE 1 and H-CARE 2 combine to create a US$1.1 billion platform targeting affordable and mid-income residential projects in India’s leading 20 cities. The primary objective of this platform is to provide long-term, equity and mezzanine capital to marquee developers at the land and pre-approval stage for the development of affordable and mid-income housing in India.
HDFC Capital Advisors Limited has recently launched the HDFC Affordable Real Estate and Technology Program (H@ART). H@ART seeks to mentor, partner and invest in real estate technology companies that drive innovation and efficiencies within the affordable housing ecosystem.
