HDFC Capital, Eldeco Group Create Platform to Target Revenue of ₹11,000 Cr across 18 projects

New Delhi, April 14, 2025: HDFC Capital Advisors Limited, the real estate private equity arm of HDFC Group, has created an INR-1,500 crore platform in partnership with the Eldeco Group to develop 18 residential projects across multiple towns including Panipat (Haryana), Sonipat (Haryana), Rudrapur (Uttarakhand), Ludhiana (Punjab), Kasauli (Himachal Pradesh) and Rishikesh (Uttarakhand), with total development area of more than 10 million square feet and combined revenue potential of about INR 11,000 crore.

This platform underscores HDFC Capital’s continued commitment to bridging India’s housing gap through the development of high-quality residential communities, particularly in emerging Tier II and III towns. Vipul Roongta, Managing Director & CEO, HDFC Capital, commented on the investment, stating, “We are bullish on the potential of Tier II and Tier III towns situated within a 300-km radius of major metropolitan areas. Our partnership with Eldeco aligns with our long-term vision of catalyzing 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. Eldeco has a successful track record of developing townships in Tier II and III towns and we’re excited to partner with them.”

Pankaj Bajaj, Chairman & Managing Director, Eldeco Group, said, “We are happy to partner with HDFC Capital in our mission to develop vibrant, well-planned communities across India. This investment allows us to accelerate our expansion into high-growth markets that are increasingly being connected to India’s economic centers. There is a huge unmet demand for quality housing in tier 2 & 3 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”.

This collaboration is part of HDFC Capital’s broader strategy to support the development of affordable and mid-income housing and marks another key milestone in its goal of addressing the housing needs across India’s growth corridors in Tier II and III towns. The platform with HDFC Capital is with Eldeco Infrastructure & Properties Ltd (EIPL), the unlisted arm of the Eldeco Group. Promoted by Pankaj Bajaj, the group also operates the listed Eldeco Housing & Industries Ltd in the Lucknow market under a brand license agreement with EIPL.