HDFC Capital Backs Eldeco's Vision with Rs 1,500 Crore Investment in Tier II-III Housing Projects

HDFC Capital Advisors will invest Rs 1,500 crore in a joint platform with Eldeco Group to develop 18 housing projects in tier II-III cities in India. The projects aim to generate Rs 11,000 crore in revenue, focusing on bridging the housing gap in small towns.

HDFC Capital is set to inject Rs 1,500 crore into Eldeco Group's upcoming housing projects in India's small towns, anticipating a significant demand for quality homes. This ambitious undertaking involves 18 projects across tier II-III cities, forecasted to yield revenues of Rs 11,000 crore.

In collaboration with Eldeco Group, HDFC Capital's real estate private equity arm has established a property development platform to target residential projects in various states, including Haryana, Punjab, Himachal Pradesh, and Uttarakhand. The development is poised to cover over 10 million square feet of area, showcasing a lucrative revenue potential.

HDFC Capital's Managing Director, Vipul Roongta, is optimistic about the prospects in tier-2 and tier-3 towns, attributing the growing demand to infrastructure development connecting these regions to metropolitan areas. Eldeco Group's proven track record further strengthens this strategic partnership aimed at filling the housing void.

(With inputs from agencies.)