Eledco Group Bags Funding from HDFC Capital for upcoming housing projects

North India based Real estate developer Eledco Infrastructure and Properties Limited (EIPL), has recently raised Rs. 350 crore funding from HDFC Capital Advisors Limited for starting their joint platform to develop housing projects. EIPL which is the eminent Eldeco Housing and Industries Limited explained that these funds will be aimed at developing residential projects across the country. HDFC Capital, which is the subsidiary of HDFC Bank Ltd, is the real estate private equity arm of the HDFC Group.

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

The company said in a media statement, “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 chairman of Eldeco Group, Pankaj Bajaj 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 also added that, Eldeco Group will be launching Greater Noida project, named as Eldeco La Vida Bella by next week and they are expecting a sale of Rs.700 crore within a week.

The MD and CEO of HDFC Capital Advisors Limited,Vipul Roongta commented, "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."