The acquisitions are part of a Rs 475-crore platform Eldeco has set up with HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), a fund managed by HDFC Capital, to develop multiple residential projects.
“The real estate sector has performed exceedingly well in the last year, and we have made acquisitions in line with the expansion plan. The focus will now be on the launches of these projects and taking forward the platform with HDFC,” said Pankaj Bajaj, chairman and managing director of Eldeco Housing and Industries Ltd (EHIL) and MD of Eldeco Infrastructure & Properties Ltd (EIPL).
The company recently acquired 8.5 acres for Rs 165 crore in Gurgaon Sector 80 through an auction held by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC).
It has acquired a 36,000-square-metre plot in Greater Noida West, where it will develop 750,000 sq ft of residential space with an investment of Rs 250 crore.
It has also acquired a 14.5-acre and an 18-acre land parcels in Sonepat, where it will go for plotted and villa development. Eldeco is also aggregating land in Ludhiana for a township, and for the first phase, it has already applied for a licence for 15 acres.“We will start paying HDFC starting next month,” Bajaj said. “As we have a strong launch pipeline, the repayment will also be done aggressively. This will give us the opportunity to create a bigger platform,” he said.
Eldeco Group has so far delivered 175 projects totalling about 30 million square feet of development.
In August 2021, it had partnered with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), another fund managed by HDFC Capital, to set up a Rs 150-crore platform for the development of low-rise and plotted development projects.
In October 2021, Eldeco Group raised Rs 275 crore in debt from Tata Capital Housing Finance (TCHFL), a wholly owned subsidiary of Tata Capital.
Eldeco Group operates in Lucknow through BSE-listed EHIL and in the rest of the cities through closely held EIPL.