January 23, 2024 |
Eldeco Group to Invest Close to ₹1000 Crore Across 10 Mid to Luxury Housing Projects
Eldeco Group plans to launch a luxury project in Gurgaon with housing units starting at ₹2.5 crore to ₹5 crore; May invest around ₹400 cr on construction.
Real estate company Eldeco Group has a pipeline of around 10 housing projects in the mid to luxury segment spread across Sonepat, Panipat, Ludhiana, Rudrapur, Noida Extension, Gurgaon, Lucknow, Kanpur, Himachal Pradesh and Rishikesh for which it is investing close to ₹1000 crore this year.
“We are currently active in more than 15 cities including above 10 cities and we want to go deeper into existing markets rather than launching projects in fresh markets across new asset classes,” said Pankaj Bajaj, chairman and managing director of the company, told HT Digital.
In 2023, the company had acquired 8.5 acres of land for ₹165 crore in Sector 80 Gurugram through an auction held by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) in Gurgaon.
The real estate firm is planning to launch a luxury project on this land parcel with housing units starting at ₹2.5 crore to ₹5 crore. “Approvals are awaited and construction is expected to begin by April 2024,” said Bajaj, adding the company is expected to invest close to ₹400 crore on the construction of the project and is expecting ₹1,000 crore revenue from sales.
In Sonepat, the company has launched 253 villas and plots and the sales realisation is close to ₹300 crore and the response from market is very strong, he said.
In Panipat, the real estate firm has launch close to 550 housing units, most of which are sold and the sales realisation is likely to be ₹500 crore.
In Ludhiana and Kanpur, the company already has around 35 acres and is awaiting approvals. It is planning to launch 250 housing units in each of these cities.
In Lucknow, two projects are expected to be launched before April’24 under the umbrella of the listed entity Eldeco Housing and Industries Limited. These are expected to be in the mid housing segment.
In Noida Sector 150, which is part of the Sports City scheme, the company had launched 11 residential towers that are currently under construction. “We will start offering possession for these towers in second half of this year,” he said, adding the remaining six towers will be launched after the resolution of the Sports City issue.
The company is also planning to launch a mid-segment project in Greater Noida West. “Approvals and awaited and we will be launching a project in March’24. We are planning to invest close to ₹285 Cr on construction and the sales realisation is expected to be in the region of ₹600 Cr,” said Bajaj.
In January 2023, the company won the bid for one of the three land parcels that had been auction by the Greater Noida Authority. The land parcel is spread over an area of 14,998 square metre and had been acquired by a consortium of Savana Builders Company Ltd (70%) and Eldeco Infrastructure & Property Ltd for ₹53.01 crore against the reserve price of ₹52.49 crore.
In Rudrapur, a mid-segment housing project has been planned in a 45 acre land parcel. It is currently under approvals and should be launched within this year.
The company has also launched the Terra Grande brand under which it intends launching ultra-luxury housing projects to tap into the second homes market. It has already announced its intention to invest close to ₹300 crore to develop 80 villas whose prices start at ₹6 crore in Himachal Pradesh’s Sirmaur district.
It is also launching a similar project in Rishikesh with prices starting at ₹10 crore.
Commercial Projects
Eldeco Group has completed one commercial project in Delhi’s Malviya Nagar area. This is along the Metro Corridor. It is a 2.25 lakh sq ft development and an investment of ₹350 crore has already gone into it. It is 90 percent leased. “We are looking for more commercial projects across North India,” he said.
As for co-working, the company has given WeWork a complete floor spread across an area of 55000 sq ft in the Malviya Nagar commercial project called Eldeco Centre.
The company does not intend to get into data centres or hotels but is open to look at mall business.
Eldeco Housing and Industries Ltd (EHIL), which is listed on the Bombay Stock Exchange and National Stock Exchange, develops projects in Uttar Pradesh; and Eldeco Infrastructure and Properties Ltd (EIPL), incorporated in the year 2000 undertakes projects across North India.
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