Eldeco joins hands with HDFC Capital to raise Rs 150 crore for projects

HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), handled by HDFC Capital Advisors Ltd have planned to invest ₹150 crore in Eldeco Infrastructure and Properties Ltd’s low-rise plotted development projects located in National Capital Region (NCR).

HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1), handled by HDFC Capital Advisors Ltd have planned to invest 150 crore in Eldeco Infrastructure and Properties Ltd’s low-rise plotted development projects located in National Capital Region (NCR).

The projects will be taken over by Eldeco Greens Infrastructure Private Limited. Recently, two massive projects have been brought about in Panipat and Faridabad possessing a saleable area of around 1.5 million sq ft.

“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 in India 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,” said Renu Sud Karnad, managing director at HDFC Ltd.

There has been an upsurge in demand for plots and low-rise development in gated townships after the pandemic, with most players in this segment reporting robust sales, averred Pankaj Bajaj, chairman at Eldeco Group. “We are present in 15 cities of North India and everywhere we are facing inventory shortage,” he added.

As per the CEO of HDFC Capital Advisors, Vipul Roongta, “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.”

Source Mint
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