Eldeco Group is set to allocate nearly Rs1000 crore across 10 mid to luxury housing projects. The real estate company's ambitious plan encompasses a luxury project launch in Gurgaon, featuring housing units ranging from Rs2.5 crore to Rs5 crore. The estimated construction investment for this venture is approximately ?400 crore. Read SURFACES REPORTER (SR)’s complete report below:
Spread across Sonepat, Panipat, Ludhiana, Rudrapur, Noida Extension, Gurgaon, Lucknow, Kanpur, Himachal Pradesh, and Rishikesh, Eldeco Group's pipeline includes around 10 housing projects in the mid to luxury segment. Pankaj Bajaj, the company's chairman and managing director, emphasized their commitment to deepening their presence in existing markets, with an active presence in more than 15 cities.
Strategic Land Acquisition
In 2023, Eldeco Group acquired 8.5 acres of land in Sector 80 Gurugram for ?165 crore through an auction by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). Plans for a luxury project on this prime land are awaiting approvals, with construction expected to commence by April 2024. The company aims to invest close to ?400 crore in construction, anticipating ?1,000 crore in revenue from sales.
Successful Project Realizations and Expansion Plans
Eldeco Group's successful ventures include 253 villas and plots in Sonepat, achieving sales close to Rs300 crore, and the launch of about 550 housing units in Panipat, targeting ?500 crore in sales.
Expansion plans involve launches in Ludhiana, Kanpur, and Lucknow, with two Lucknow projects under Eldeco Housing and Industries Limited set for April 2024. In Noida Sector 150, 11 residential towers are under construction, with possession expected in H2 2024. Additionally, plans for a mid-segment project in Greater Noida West are underway, with an estimated ?285 crore investment and anticipated sales of around Rs600 crore.
In January 2023, Eldeco Group secured a bid for a land parcel from the Greater Noida Authority, planning a mid-segment housing project in Rudrapur on a 45-acre plot, awaiting approvals.
Introducing the Terra Grande brand, Eldeco Group focuses on ultra-luxury housing projects for the second homes market. Projects in Himachal Pradesh’s Sirmaur district and Rishikesh are expected to see investments of ?300 crore, featuring villas priced at ?6 crore and ?10 crore, respectively.
Commercial Sector Endeavors
In the commercial sector, Eldeco Group has completed a 2.25 lakh sq ft development in Delhi’s Malviya Nagar, investing Rs350 crore with 90% occupancy. Actively pursuing more projects in North India, the company has partnered with WeWork for a 55,000 sq ft co-working space in the Malviya Nagar project, Eldeco Centre.
While avoiding data centers or hotels, the company is open to mall business opportunities. Eldeco Housing and Industries Ltd (EHIL) oversees projects in Uttar Pradesh, and Eldeco Infrastructure and Properties Ltd (EIPL) manages projects in North India.
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