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Eldeco Infrastructure and Properties Ltd (EIPL), a real estate company, and HDFC Capital Advisors have committed an extra Rs 350 crore to the development of housing projects through their joint platform.
Eldeco released a statement announcing the newest round of investment, totaling Rs 350 crore, for their collaborative platform, which is intended to construct residential developments all throughout India. The platform’s size now stands at Rs 850 crore thanks to this most recent financing.
Eldeco And HDFC Capital Collaborates For Group Housing And Plotted Development Projects
The first and second rounds of funding having been arranged, this third-round injection of Rs 350 crore will further fast-track the development of group housing and plotted development projects in many cities like Delhi, Gurugram, Ludhiana, Sonipat and Goa.
“Our persistent association with the Eldeco Group highlights our strategy of partnering with top-rated developers with a good track record of project development and delivery,” stated Vipul Roongta, MD & CEO of HDFC Capital Advisors.
Eldeco Group Has Completed 200 Real Estate Development Projects Across India
Our goal with this investment is to build high-quality, reasonably priced houses in Tier 1 and Tier 2 cities throughout India.” One of the top developers of real estate in North India is Eldeco Group, which Pankaj Bajaj represents. The Group has projects in Tier 2 cities in North India in addition to the NCR.
The Group operates in Lucknow through Eldeco Housing & Industries Limited (EHIL), a listed company, and throughout the rest of India through EIPL, a privately owned company.
The Eldeco Group has completed 200 real estate development projects totaling around 30 million square feet. In addition, the Group is working on 30 projects totaling 35 million square feet at different phases of completion.
HDFC Capital Works As The Real Estate Private Equity Division Of HDFC Group
The real estate private equity division of HDFC Group is called HDFC Capital, and it is a subsidiary of HDFC Bank Ltd. Three funds are HDFC Capital Affordable Real Estate Funds 1 (H-CARE 1), 2 (H-CARE 2), and 3 (H-CARE 3) are managed by HDFC Capital, an investment manager. All three funds are registered with SEBI as Category II Alternative Investment Funds.
Together, these investments comprise a platform valued at over USD 3 billion that is dedicated to the building of mid-class and inexpensive homes in India. For almost thirty years, The Eldeco Group has been a major force in the Indian real estate market.
Since its founding in 1985, it has had a significant impact on the development of urban areas because to its extraordinary dedication to providing top-notch products on time.
The business has successfully completed over 200 projects across 20 cities in North India under the visionary leadership of Pankaj Bajaj, making a significant impact on the real estate market.
Eldeco Group Commercial Portfolio In Delhi NCR
Eldeco Group has finished one commercial project in the Malviya Nagar neighbourhood of Delhi. This is located on the prime Metro Corridor. It is a 2.25 lakh square foot complex that has already cost ₹350 crores to build. 90% of it is leased.
The business has granted WeWork a whole floor spanning 55,000 square feet at the Eldeco Centre commercial building in Malviya Nagar as a co-working space. The company is open to explore the mall and commercial sector, but it has no plans to enter the hotel or data centre industries in future.
Eldeco Infrastructure and Properties Limited (EIPL), established in 2000, achieves projects all through North India, while Eldeco Housing and Industries Limited (EHIL), listed on the BSE and NSE, majorly develops projects in Uttar Pradesh.
Source-ET
