Real estate company, Eldeco Infrastructure and Properties Ltd and one of the largest real estate fund managers in India, HDFC Capital Advisors Limited on Wednesday announced a third round of funding to the tune of ₹350 crore towards their joint platform aimed at developing residential projects across India.
The platform size stands at ₹850 crore at present. Around ₹500 crore have been invested across two other rounds.
Projected revenue potential
The latest round of funding will help development of group housing and plotted projects across multiple cities, namely Delhi, Gurugram, Ludhiana, Sonipat and Goa, the real estate company said in a statement.
Eldeco’s on-going projects include Panipat, Sonipat, Rishikesh and Kasauli and have a projected revenue potential of ₹2,000 crore.
The platform’s cumulative revenue potential across 17 projects is estimated to be ₹8,000 crore, the company said in a statement.
Some of the other places which are being looked at include Greater Noida (West), Rudrapur, Ludhiana, among others.
Multi-city residential project expansion
According to Pankaj Bajaj, Chairman, Eldeco Group, following a prolonged downturn, the demand for premium housing has surged all over the country in recent years.
“Apart from first time home buyers, a significant percentage of demand is coming from people who want to upgrade to newer and better homes. Luxury vacation homes have emerged as a new segment, especially in Goa; and has been doing well for the last few years,” he said.
Bajaj further pointed out that the company was launching its Greater Noida (West) project - Eldeco La Vida Bella - “next week” and was expecting sales booking to hit around ₹700 crore.