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Eldeco Group may spend up to 400 crores on building a luxury property in Gurgaon, priced between 2.5 crore and 5 crores. Eldeco Group will invest over 1000 crore this year towards ten residential projects in the mid-to-luxury segment in Sonepat, Panipat, Ludhiana, Rudrapur, Noida Extension, Gurgaon, Lucknow, Kanpur, Himachal Pradesh, and Rishikesh.
Pankaj Bajaj, the owner of eldeco group and managing director, told that “We want to go deeper into existing markets rather than launching projects in fresh markets across new asset classes. We are currently active in more than 15 cities, including above 10 cities.”
The Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) in Gurgaon conducted an auction in 2023, when the firm paid 165 crores to purchase 8.5 acres of property in Sector 80 Gurugram. Eldeco Group Gurgaon is all set launch luxurious residential and commercial spaces that epitomize modern living in the millennial city.
Pankaj Bajaj’s Vision: Eldeco Group Rapid Expansion
On this land tract, the real estate company intends to start construction on a premium building with apartments priced between 2.5 crore and 5 crores. “We are awaiting approvals, and we anticipate starting construction by April 2024,” said Bajaj.
The business anticipates investing almost 400 crores in the project’s development and earning 1,000 crores in sales income. According to him, the business has launched 253 villas and plots in Sonepat, with sales realization approaching 300 crores. The market response has been overwhelmingly positive.
Nearly 550 housing units were launched by the real estate company in Panipat; the majority of them have been sold, with a sales realisation estimated at 500 crores. The business already has about 35 acres in Ludhiana and Kanpur and is seeking permissions. In each of these cities, 250 housing units are intended to be launched.
Strategic Land Acquisitions: Eldeco Group’s Triumph In Gurugram And Greater Noida
Eldeco group lucknow is anticipated to begin two projects in the city before April 24 and are part of Eldeco Housing and Industries Limited, a listed company. These are anticipated to fall into the middle housing category.
As part of the Sports City project, the business unveiled 11 residential towers that are now being built in Noida Sector 150. “In the latter part of this year, we will begin to offer possession for these towers,” he stated, adding that the remaining six towers will be built following the Sports City dispute’s conclusion.
In Greater Noida West, the business also intends to start a mid-segment project. “We are awaiting approvals and want to begin a project on March 24. Bajaj stated, “We anticipate spending nearly 285 Cr on construction, with sales realisation estimated to be around 600 Cr.”
The Greater Noida Authority held an auction of three land parcels, and the business won the offer for one of them in January 2023. The 14,998 square meter land piece was purchased for 53.01 crore, over the reserve price of 52.49 crore, by a group led by Savana Builders Company Ltd (70%) and Eldeco Infrastructure & Property Ltd.
Terra Grande Unveiled: Eldeco’s Foray Into Luxurious Residential Developments
On a 45-acre plot of land in Rudrapur, a mid-segment housing project has been proposed. It should premiere this year and is already awaiting authorization.
In an effort to penetrate the second-home market, the business has also introduced the Terra Grande brand, under which it plans to build extremely opulent residential developments.
It had already declared its plan to invest around 300 crores to build 80 villas in the Sirmaur region of Himachal Pradesh, with prices starting at 6 crore. A project like to this is also being introduced in Rishikesh, with costs commencing at 10 crore.
Eldeco Group Upcoming Commercial Projects
Eldeco Group Delhi finished one commercial project in the Malviya Nagar. This is located on the Metro Corridor. It is a 2.25 lakh square foot complex that has already cost 350 crores to build. “We are searching for more commercial projects throughout North India.”
Regarding co-working, the business has granted WeWork a whole floor spanning 55,000 square feet at the Eldeco Centre commercial building in Malviya Nagar. The company is open to exploring the mall sector, but it has no plans to enter the hotel or data center industries.
Eldeco Infrastructure and Properties Ltd (EIPL), formed in 2000, manages projects throughout North India, while Eldeco Housing and Industries Ltd (EHIL), listed on the Bombay Stock Exchange and National Stock Exchange, develops projects in Uttar Pradesh.
Source-ET
