Eldeco Infrastructure and Properties Limited (EIPL), a portion of the Eldeco Group, has partnered with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) – a fund managed by HDFC Capital Advisors Limited — to type a platform focused on the development of low-rise, plotted development projects in Tier 2 cities, in the National Capital Region (NCR) even though making sure high quality and timely delivery of completed units.
The proposed developments will be undertaken by a unique goal car ‘Eldeco Greens Infrastructure Private Limited’, set up with an initial investment of Rs 150 crore. Currently, two projects have been identified in Panipat and Faridabad with combined saleable location of around 1.5 million sq ft and sales income of around Rs 500 crore.
Commenting on the exact same, Renu Sud Karnad, Managing Director, HDFC Ltd, mentioned, “In line with the ‘Housing for All 2022’ vision of the Government of India, HDFC’s endeavour is to help address the demand-supply gap in affordable housing by providing flexible, long-term capital to leading developers across India. We are committed to partnerships with trusted real estate brands like Eldeco with a good track record of development and delivery.”
Vipul Roongta, MD & CEO of HDFC Capital Advisors Limited, mentioned, “Our endeavour is to act as an enabler to the growth of affordable and mid-income housing in the country. Through our partnership with Eldeco Group, we will focus on meeting the increasing demand for high-quality low-rise and plotted development at affordable prices. This is in line with HDFC Capital’s strategy of partnering with top-rated developers to increase the supply of affordable and mid-income housing in India while ensuring quality and timely construction.”
Commenting on the strategic alliance, Pankaj Bajaj, Chairman, Eldeco Group, mentioned, “We are delighted to have this partnership which will assist us increase development and investments. There has been an upsurge in demand for plots and low-rise development in gated townships right after the pandemic, with most players in this segment reporting robust sales. We are present in 15 cities of North India and everywhere we are facing inventory shortage.’’