Realty developer Eldeco raises Rs 350 crore from HDFC Capital
Eldeco Infrastructure and Properties, a part of the Eldeco group, has raised Rs 350 crore from HDFC Capital Advisors Limited for their joint platform to do residential projects across the country.
With the third round of funding in three years, the platform size reaches Rs 850 crore and it expects to generate Rs 8,000 crore from 17 projects.
“After a prolonged downturn, the demand for premium housing has surged all over the country in the last couple of years. Apart from first time home buyers, a significant percentage of demand is coming from people who want to upgrade to newer and better homes,” said Pankaj Bajaj, Chairman of Eldeco Group.
In August 2021, the platform had raised Rs 150-crore and then another Rs 350 crore in September 2022 with the focus of developing projects in holiday destinations and tier 2 cities.
«Through this investment, we aim to develop high-quality homes at affordable prices in tier 1 and tier 2 cities across India,” said Vipul Roongta, MD & CEO of HDFC Capital Advisors Limited.
The company has planned projects in Delhi, Gurugram, Ludhiana, Sonipat and Goa having deployed Rs 500 crore in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida (West) & Gurugram.
Projects with projected revenues of Rs 2000 crore have already been launched in Panipat, Sonipat, Rishikesh and Kasauli.
“All segments of the real estate market are firing in India right now. A new segment which has emerged is luxury vacation homes. Goa has been doing well for the last
