Eldeco Infrastructure and Properties secures Rs 350-crore funding from HDFC Capital

Eldeco Group secures Rs 350 crore funding from HDFC Capital for housing projects

Eldeco Infrastructure and Properties Limited (EIPL), a north India-based real estate developer, has raised a funding of Rs 350 crore from HDFC Capital Advisors Limited for their joint platform to develop housing projects.

EIPL, which a subsidiary of listed firm Eldeco Housing and Industries Limited, noted that these funds will be aimed at developing residential projects across the country. HDFC Capital, a subsidiary of HDFC Bank Ltd, is the real estate private equity arm of the HDFC Group.

Eldeco said that with this third round of funding in three years, the joint platform size reached Rs 850 crore. The platform’s cumulative revenue potential across 17 projects is estimated to be Rs 8,000 crore. Out of this, projects with estimated revenue of Rs 2,000 crore have already been launched in Panipat, Sonipat, Rishikesh and Kasauli.

“With the first and second rounds of funding having been deployed, this third-round injection of Rs 350 crore will further accelerate the development of group housing and plotted development projects in Delhi, Gurugram, Ludhiana, Sonipat and Goa. Rs 500 crore invested in earlier rounds have been successfully deployed in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida West and Gurugram,” the company said.

Also Read: Eldeco Group to develop 80 luxury villas near Kasauli in Himachal Pradesh, eyes top line of Rs 500 crore

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Pankaj Bajaj, Chairman of Eldeco Group, said, "Our partnership with HDFC Capital has come at the right time. 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 homebuyers, a significant percentage of demand is coming from people who want to upgrade to newer and better homes,” he said.

He said that Eldeco is launching its Greater Noida (West) project – Eldeco La Vida Bella – next week and expecting sales booking of more than Rs 700 crore within a week.

Vipul Roongta, MD and CEO of HDFC Capital Advisors Limited, said, "Our continued collaboration with the Eldeco Group highlights our strategy of partnering with top rated developers with a good track record of development and delivery. Through this investment, we aim to develop high-quality homes at affordable prices in tier 1 and tier 2 cities across India."

Eldeco Group has delivered 200 projects with approximately 30 million sqft of real estate development. Besides these, the Group has 30 projects with 35 million sqft in various stages of execution.