Realty firm Eldeco group has partnered with HDFC Capital to set up to Rs 350 crore fund to develop residential projects across many cities.
Eldeco, infrastructure and Properties Ltd (EIPL) a privately held company of the Eldeco Group has partnered with HDFC Capital Affordable Real Estate Fund 3 (H-Care 3) for an investment of Rs 350 crore to create a platform to develop multiple residential projects across multiple cities.
Currently, Eldeco has identified four residential developments in Delhi-NCR, Himachal Pradesh, and Uttarakhand for an initial investment of Rs 175 crore. Earlier, Eldeco Group partnered with HDFC Capital Affordable Real Estate Fund 1 (H- Care 1) to set up a Rs 150 crore platform for the development of low-rise and plotted development projects.
The first project under this platform ‘Eldeco Paradiso’ a 35-crore plotted project in Panipat was launched in late March this year.
Pankaj Bajaj, Chairman of Eldeco Group said, “Eldeco is now present in more than 15 cities in North India, including in Lucknow through our listed fund entity -Eldeco Housing and Industries Ltd (EHIL). We believe that the entire North India belt is starved of quality real estate, especially housing. The new platform will help us to serve this unmet demand in multiple cities in North India.”
Vipul Roongta, MD & CEO of HDFC Capital Advisors Ltd said, “We are committed to strengthening our partnership with trusted real-estate developers with an established track record in the development and delivery of real estate projects.”
He noted that Tier-2 cities offer a significant opportunity for the development of branded, high-quality residential projects that will cater to the burgeoning demand for housing fuelled by the social and economic transition in these cities.
“Our partnership with Eldeco will help the group expand its footprints in Tier -2 cities across the North India by providing capital for the development of quality real-estate developments, Roongta said.
Eldeco Group has delivered 175 projects with approximately 30 mn sq ft of real estate development. Besides these, the Group has 30 projects with 35 mn sq ft in various stages of execution.
