Eldeco Infrastructure and Properties receives finance from HDFC Capital totaling Rs 350 crore.

Eldeco Infrastructure and Properties Limited (EIPL), a prominent real estate developer based in North India, has successfully secured a funding of Rs 350 crore from HDFC Capital Advisors Limited. This funding is designated for their joint platform aimed at developing housing projects across the country.

EIPL, a subsidiary of the renowned Eldeco Housing and Industries Limited, emphasized that these funds will be channeled towards the development of residential projects nationwide. HDFC Capital, the real estate private equity arm of HDFC Group, facilitated this financial infusion.

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This latest funding marks the third round of investment within three years for the joint platform, elevating its total size to Rs 850 crore. The cumulative revenue potential across 17 projects under this platform is estimated to reach Rs 8,000 crore. Notably, projects with an anticipated revenue of Rs 2,000 crore have already been initiated in locations including Panipat, Sonipat, Rishikesh, and Kasauli.

Eldeco highlighted that the injection of Rs 350 crore in this third round will expedite the development of group housing and plotted development projects in Delhi, Gurugram, Ludhiana, Sonipat, and Goa. The previous rounds, totaling Rs 500 crore, have already been successfully deployed in residential projects across various regions.

Pankaj Bajaj, Chairman of Eldeco Group, expressed optimism about the partnership with HDFC Capital, citing a surge in demand for premium housing amid a recent upturn in the real estate market. Bajaj emphasized the importance of catering to both first-time homebuyers and those seeking to upgrade their living spaces.

Eldeco is set to launch its flagship project, Eldeco La Vida Bella, in Greater Noida (West), with expectations of significant sales bookings exceeding Rs 700 crore within a week. This development aligns with the company's commitment to meeting the evolving needs of discerning homebuyers.

Vipul Roongta, MD and CEO of HDFC Capital Advisors Limited, underscored the collaborative approach with Eldeco Group, aiming to deliver high-quality homes at affordable prices in tier 1 and tier 2 cities across India. This strategic investment reflects HDFC Capital's focus on partnering with reputed developers renowned for their track record of development and delivery. Through such partnerships, HDFC Capital endeavors to contribute to the expansion of affordable housing options in key urban centers nationwide.

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