Eldeco Group Bolsters Housing Projects with Rs 350 Crore Funding from HDFC Capital

Eldeco Infrastructure and Properties Limited (EIPL), a prominent real estate developer based in North India, has successfully secured Rs 350 crore in funding from HDFC Capital Advisors Limited. This infusion of capital marks the third round of funding within three years, bringing the total investment on their joint platform to Rs 850 crore.

This strategic partnership aims to accelerate the development of residential projects across various locations in India, including Delhi, Gurugram, Ludhiana, Sonipat, and Goa. The joint venture has previously launched projects in cities such as Panipat, Sonipat, Rishikesh, and Kasauli, with a revenue potential estimated at Rs 8,000 crore. Of this, projects worth Rs 2,000 crore have already been initiated.

Pankaj Bajaj, Chairman of Eldeco Group, highlighted the timely nature of this partnership, especially in light of the recent surge in demand for premium housing. "Our collaboration with HDFC Capital is instrumental as we navigate through a significant uptick in the housing market. The demand is not just from first-time homebuyers but also from those looking to upgrade their homes," Bajaj noted.

The newly secured funds will further support the group's ongoing and future residential developments, ensuring high-quality homes are available at affordable prices. Vipul Roongta, MD and CEO of HDFC Capital Advisors, emphasized the focus on creating value through this investment, aiming to serve both tier 1 and tier 2 cities effectively.

Eldeco Group's track record includes the delivery of 200 projects, covering around 30 million sqft of real estate development. With an additional 30 projects covering 35 million sqft currently under execution, the group continues to expand its footprint in the real estate market.

Moreover, the Eldeco Group is set to launch a new project in Greater Noida (West) named Eldeco La Vida Bella. This project is expected to generate over Rs 700 crore in sales bookings within just a week of its launch, underlining the robust demand in the real estate sector.

This partnership not only signifies a robust future for Eldeco Group's development projects but also highlights HDFC Capital's commitment to investing in high-potential real estate ventures that promise significant returns and contribute to the overall growth of the housing sector in India.