Eldeco raises Rs 275 cr from Tata Capital HFL

Eldeco Group has raised Rs 275 crore in debt from Tata Capital Housing Finance Ltd (TCHFL). The real estate developer plans to deploy the capital raised in mid-income residential projects in Delhi NCR, said a press release.

Both the projects have been launched and are currently under construction, said the release.  The first, it said, is a 2.1 million sq. ft. project in Noida and the second is a 1.2 million sq ft project in Sohna, Gurugram.  Eldeco has currently invested Rs 175 crore in both the projects, added the release.

Pankaj Bajaj, MD of Eldeco Group, said “We are delighted to partner with TCHFL. Apart from Tier-2 towns of North India, the NCR is a major growth area for us. After the pandemic the demand in housing has recovered and we are seeing good sales across our portfolio. Our focus is to expand our projects across North India and provide quality housing to the mid-income segment.”

Anil Kaul, MD, Tata Capital Housing Finance Limited, said, “This partnership gives us a great opportunity to serve our customers in NCR markets. We believe that this is a great time to buy a house or leverage real estate assets by using our attractive finance solutions that are tailor-made for our customer’s specific requirements.”