Eldeco, HDFC Capital set up affordable housing platform

Eldeco Infrastructure and Properties Limited (EIPL), a part 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.

According to a press release, the two have collaborated to form a platform focused on the development of low-rise, plotted development projects in Tier-2 cities in the NCR while ensuring quality and timely delivery of finished units.

The proposed developments, said the release, will be undertaken by a special purpose vehicle, ‘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 area of approximately 1.5 million square feet and sales revenue of approximately Rs. 500 crore, added the release.

Renu Sud Karnad, Managing Director, HDFC Ltd, said “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.”

Pankaj Bajaj, Chairman, Eldeco Group, said: “We are delighted to have this partnership which will help us boost growth and investments. 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. We are present in 15 cities of North India and everywhere we are facing inventory shortage.’’