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Prominent real estate developer Eldeco Group has made strategic land acquisitions in key locations, signalling its commitment to robust growth in India's property sector. These acquisitions, valued at approximately Rs 230 crore, encompass properties in Greater Noida, Sonepat, and Ludhiana, setting the stage for ambitious projects totalling Rs 5,000 crore to be launched in the coming year. Eldeco Group's strategic moves form a Rs 475 crore collaboration with HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), a fund skilfully managed by HDFC Capital. This partnership aims to drive the development of multiple residential projects, capitalizing on the flourishing real estate sector's performance in the past year.
Pankaj Bajaj, the esteemed MD of Eldeco Infrastructure & Properties Ltd. (EIPL), and Chairman and Managing Director of Eldeco Housing and Industries Ltd. (EHIL), expressed unwavering confidence in the sector's resilience. He articulated the company's renewed focus, emphasizing the imminent launch of these promising projects and the continued strengthening of its association with HDFC. An 8.5-acre plot in Gurgaon Sector 80 is part of the noteworthy acquisitions. The company secured it for Rs 165 crore in a successful auction by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC).
Eldeco has also clinched a substantial 36,000-square-metre plot in Greater Noida West. At this location, the plan involves developing an extensive 750,000 square feet of residential space with a substantial investment of Rs 250 crore. In parallel, Eldeco has strategically acquired two parcels of land in Sonepat, measuring 14.5 acres and 18 acres, respectively. These parcels are earmarked for plotted developments and villa projects. Simultaneously, Eldeco is actively engaged in aggregating land in Ludhiana for the establishment of an expansive township. The company has already initiated the process, having submitted a licence application for the first phase, covering 15 acres.
Financially, Eldeco is poised for a robust partnership with HDFC, with payments scheduled to commence next month. A strong pipeline of project launches and a proactive repayment approach support this partnership. These efforts are set to expand the platform's capabilities, fostering further growth and innovation. Eldeco Group has established a remarkable track record, delivering 175 projects spanning approximately 30 million square feet of development. In August 2021, the company embarked on a fruitful partnership with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), another fund managed by HDFC Capital. This collaboration focused on setting up a Rs 150 crore platform dedicated to low-rise and plotted development projects.
In October of the same year, Eldeco Group successfully secured Rs 275 crore in debt financing from Tata Capital Housing Finance (TCHFL), a wholly-owned subsidiary of Tata Capital. Operating through BSE-listed EHIL in Lucknow and closely held EIPL in other cities, Eldeco Group stands as a symbol of excellence and innovation in India's dynamic real estate landscape.
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