 "India's real estate sector, significantly buoyed by a robust economy, has emerged as a pivotal player in the country's development. With an 18 per cent share in national employment, real estate is the largest employment generator after agriculture. C")
HDFC Capital Advisors, the real estate private equity arm of HDFC Group, has created a Rs 1,500 crore platform in partnership with the Eldeco Group to develop 18 residential projects across multiple states with a revenue potential of Rs 11,000 crore.
The projects will have a development area of over 10 million square feet (msf) across Panipat, Sonipat (Haryana), Rudrapur, Rishikesh (Uttarakhand), Ludhiana (Punjab), and Kasauli (Himachal Pradesh).
Vipul Roongta, managing director and chief executive officer, HDFC Capital, said, “We are bullish on the potential of tier-II and tier-III towns situated within a 300-kilometre radius of major metropolitan areas. Our partnership with Eldeco aligns with our long-term vision of catalysing the development of sustainable aspirational housing for India’s expanding middle class. This collaboration is aimed at leveraging the growing infrastructure development in these regions, which is bringing these towns closer to the metro cities and employment hubs.”
HDFC Capital is the investment manager to four Securities and Exchange Board of India-registered Category II alternative investment funds. These funds combine to create a $4.2 billion platform targeting the development of affordable and mid-income housing in India.
Pankaj Bajaj, chairman and managing director, Eldeco Group, said, “This investment allows us to accelerate our expansion into high-growth markets that are increasingly being connected to India’s economic centres. There is a huge unmet demand for quality housing in tier-II and tier-III cities across India. There is just not enough supply. In this platform with HDFC Capital, we will be able to address some of this demand in cities of north India.”
Eldeco Group, promoted by Bajaj, operates as a real estate developer. The group operates in Lucknow through the listed entity Eldeco Housing & Industries Limited (EHIL) and in the rest of India through the privately held Eldeco Infrastructure & Properties Limited (EIPL). EHIL operates under a brand licence agreement with EIPL. The said platform is with EIPL.
Overall, the group has delivered more than 200 projects with an aggregate delivered area of more than 60 msf.
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