New Delhi: Realty firms Eldico Infrastructure and Properties Ltd (EIPL) and HDF Capital Advisors have pledged an additional Rs 350 crore into their join platform to develop housing projects.
In a statement, Aldeco announced the latest round of funding of Rs 350 crore for its combined platform aimed at developing residential projects across India. With this latest funding, the size of the platform has grown to Rs 850 crore.
“Along with the first and second rounds of funding, this third round of investment of Rs 350 crore will further accelerate the development of group housing and plotted development projects in multiple cities such as Delhi, Gurugram, Ludhiana, Sonipat and Goa.” Added.
The company said the platform has already invested Rs 500 crore in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Great Noida (West) and Gurugram."The cumulative revenue potential of the platform across 17 projects is estimated to be Rs 8,000 crore. Of this, projects with an estimated revenue of Rs 2,00 crore have already been launched in Panipat, Sonipat, Rishikesh and Kasauli," the statement said. "
Pankaj Bajaj, Chairman, Eldeco Group, said that the partnership with HDFC Capita has come at the right time.
“After a prolonged recession, demand for premium housing has increased across the country over the past few years. Apart from first-time home buyers, a significant percentage of demand is coming from those looking to upgrade to newer and better homes ." He said.
He said that all sectors of the real estate market are growing rapidly in India at present.
Vipul Roongta, MD & CEO, HDFC Capital Advisors, said, “Our continued association with Aldico Group highlights our strategy of partnering with top-rated developers with a good track record of development and delivery through this investment. , Our goal is to achieve high growth." Quality homes at affordable prices in Tier 1 and Tier 2 cities across India.,
Eldeco Group, promoted by Pankaj Bajaj, is one of the leading real estate developers in North India. Apart from its presence in NCR, the group has projects in tier 2 cities of North India.
The group operates through its listed entity Eldico Housing Industries Limited (EHIL) in Lucknow and through privately held subsidiary EIPL in the rest of India.
Aldeco Group has delivered 200 projects with approximately 30 million square feet of real estate development.
Apart from these, the group has 30 projects worth 35 million sq ft in various stages of execution.HDFC Capital, a subsidiary of HDFC Bank Limited, is the real estate private equity arm of the HDFC Group.
HDFC Capital is the investment manager of HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), which category II are registered with SEBI as Alternative Investment Funds. These funds together create an over US$3 billion platform targeting the development of affordable and middle-income housing in India.
In a statement, Aldeco announced the latest round of funding of Rs 350 crore for its combined platform aimed at developing residential projects across India. With this latest funding, the size of the platform has grown to Rs 850 crore.
“Along with the first and second rounds of funding, this third round of investment of Rs 350 crore will further accelerate the development of group housing and plotted development projects in multiple cities such as Delhi, Gurugram, Ludhiana, Sonipat and Goa.” Added.
The company said the platform has already invested Rs 500 crore in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Great Noida (West) and Gurugram."The cumulative revenue potential of the platform across 17 projects is estimated to be Rs 8,000 crore. Of this, projects with an estimated revenue of Rs 2,00 crore have already been launched in Panipat, Sonipat, Rishikesh and Kasauli," the statement said. "
Pankaj Bajaj, Chairman, Eldeco Group, said that the partnership with HDFC Capita has come at the right time.
“After a prolonged recession, demand for premium housing has increased across the country over the past few years. Apart from first-time home buyers, a significant percentage of demand is coming from those looking to upgrade to newer and better homes ." He said.
He said that all sectors of the real estate market are growing rapidly in India at present.
Vipul Roongta, MD & CEO, HDFC Capital Advisors, said, “Our continued association with Aldico Group highlights our strategy of partnering with top-rated developers with a good track record of development and delivery through this investment. , Our goal is to achieve high growth." Quality homes at affordable prices in Tier 1 and Tier 2 cities across India.,
Eldeco Group, promoted by Pankaj Bajaj, is one of the leading real estate developers in North India. Apart from its presence in NCR, the group has projects in tier 2 cities of North India.
The group operates through its listed entity Eldico Housing Industries Limited (EHIL) in Lucknow and through privately held subsidiary EIPL in the rest of India.
Aldeco Group has delivered 200 projects with approximately 30 million square feet of real estate development.
Apart from these, the group has 30 projects worth 35 million sq ft in various stages of execution.HDFC Capital, a subsidiary of HDFC Bank Limited, is the real estate private equity arm of the HDFC Group.
HDFC Capital is the investment manager of HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) and HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), which category II are registered with SEBI as Alternative Investment Funds. These funds together create an over US$3 billion platform targeting the development of affordable and middle-income housing in India.
