Realty firm Eldeco group on Friday said it has partnered with HDFC Capital to set up Rs 350 crore fund to develop residential projects across many cities.
Eldeco Infrastructure and Properties Ltd (EIPL), a privately held company of the Eldeco Group has "partnered with HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3) for an investment of Rs 350 crore to create a platform to develop multiple residential projects across multiple cities."
Currently, Eldeco has identified four residential developments in Delhi-NCR, Himachal Pradesh and Uttarakhand for an initial investment of Rs 175 crore.
Earlier, Eldeco Group had partnered with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) to set up a Rs 150 crore platform for the development of low-rise and plotted development projects.
The first project under this platform 'Eldeco Paradiso', a 35-acre plotted project in Panipat was launched in late March this year.
Pankaj Bajaj, Chairman of Eldeco Group, said, "Eldeco is now present in more than 15 cities in North India, including in Lucknow through our listed entity - Eldeco Housing and Industries Ltd (EHIL). We believe that the entire North India belt is starved of quality real estate, especially housing. This new platform will help us serve this unmet demand in multiple cities in North India."
Vipul Roongta, MD & CEO of HDFC Capital Advisors Ltd, said: "We are committed to strengthening our partnerships with trusted real estate developers with an established track record in development and delivery of real estate projects."