With the goal of tapping into the rising demand for high-end second homes, Delhi-based Eldeco Group has bought a 30-acre land parcel near Kasauli, Himachal Pradesh, to develop ultra-luxury holiday homes with an expected top line of Rs 500 crore.
The realty firm plans to invest about Rs 300 crore (excluding the land cost) to develop the ultra-luxury housing project, comprising 80 villas, through its subsidiary ‘Terra Grande’.
The project is on the Dharampur-Nahan-Ponta Sahib national highway, near popular tourist destination Kasauli.
Amar Kapoor, CEO of Terra Grande, said that demand for second homes located at holiday destinations is increasing as people, especially high-net-worth individuals (HNIs), prefer to invest in such luxury properties situated in hill states such as Himachal and Uttarakhand and near the beaches in Goa.
New ground
“This is the first time that Eldeco has ventured into the holiday home segment. We have bought 30 acres of land in Sirmaur district of Himachal Pradesh. The project ‘Eldeco Terra Grande’ will have a saleable area of 3.5 lakh square feet (sqft). We will be investing about Rs 300 crore in the high-end luxury project and our expected top line is Rs 500 crore. Eldeco will develop all luxury second homes or holiday homes through ‘Terra Grande’ across various tourist locations,” Amar told Moneycontrol.
He said that the project would offer 80 villas on 30 acres, meaning there will be about three villas per acre. In the first phase, the company will develop 38 villas, of which 13 have been sold.
He said those who bought villas in the project include SME business owners and people from the service sector.
Villa details
The township has a configuration of 3, 4 and 5BHK duplex villas. The 3BHK villa will have a built-up area of around 3,000 sqft, while the 4BHK will offer 4,500 sqft built-up space. The largest villas, the 5BHKs, will have a built-up area of 5,500 sqft. The township will also have facilities such as a hospital, club house, play areas for children etc.
Also Read: Looking to buy a property in Goa? Here’s your primer on how to go about it
“The price of villas will start from around Rs 5.75 crore for a 3BHK and go up to about Rs 9 crore for a 5BHK villa. We have all the approvals, including RERA, in place, and construction has also started,” Kapoor said.
Other projects
He said that the next project will come up in Rishikesh, Uttarakhand, also under the ‘Terra Grande’ vertical. It will be located in Narendra Nagar, about 30 minutes’ drive from Laxman Jhula.
Kapoor said the company is also looking for opportunities in Goa and is currently hunting for land there.
About the group
Eldeco Group comprises Eldeco Housing and Industries Ltd (EHIL), which is listed on the Bombay Stock Exchange, and Eldeco Infrastructure and Properties Ltd (EIPL), which was incorporated in 2000. EHIL undertakes projects in Uttar Pradesh, while EIPL develops real estate projects in the Delhi-NCR.
The group has a presence in Noida, Greater Noida, Gurugram, Delhi, Panipat, Sonipat, Gorakhpur, Lucknow, Kanpur, Agra, Bareilly, Panchkula, Neemrana, Kasauli, Jhansi, Jalandhar and Ludhiana.
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