Eldeco Group, HDFC Capital set up Rs 150 crore affordable housing platform
Two projects have been identified in Panipat and Faridabad with a combined saleable area of approximately 1.5 million sq ft and sales revenue of approximately Rs 500 crore.
Delhi-based real estate firm Eldeco Infrastructure and Properties Limited and HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), a fund managed by HDFC Capital Advisors Limited, have set up a Rs 150 crore platform focused on the development of low-rise, plotted development projects in Tier 2 cities in National Capital Region (NCR).
The proposed developments will be undertaken by a special purpose vehicle, Eldeco Greens Infrastructure Private Limited, set up with an initial investment of Rs 150 crore. Currently, two projects have been identified in Panipat and Faridabad with a combined saleable area of approximately 1.5 million sq ft and sales revenue of approximately Rs 500 crore.
“In line with the Housing for all 2022 vision of the Government of India, HDFC’s endeavour is to help address the demand-supply gap in affordable housing in India by providing flexible, long-term capital to leading developers across India. We are committed to partnerships with trusted real estate brands like Eldeco with a good track record of development and delivery,” said Renu Sud Karnad, Managing Director, HDFC Ltd.
“Our endeavour is to act as an enabler to the growth of affordable and mid-income housing in the country. Through our partnership with Eldeco Group, we will focus on meeting the increasing demand for high-quality low-rise, and plotted development at affordable prices. This is in line with HDFC Capital’s strategy of partnering with top-rated developers to increase the supply of affordable and mid-income housing in India while ensuring quality and timely construction,” said Vipul Roongta, MD & CEO of HDFC Capital Advisors Limited.
“We are delighted to have this partnership which will help us boost growth and investments. There has been an upsurge in demand for plots and low-rise development in gated townships after the pandemic, with most players in this segment reporting robust sales. We are present in 15 cities of North India and everywhere we are facing inventory shortage,” said Pankaj Bajaj, chairman, Eldeco Group.