The ambitious platform targets a revenue potential of Rs. 110 billion ($1.3 billion), spanning more than 10 million square feet of development. The planned projects will be located in cities like Panipat and Sonipat in Haryana, Rudrapur and Rishikesh in Uttarakhand, Ludhiana in Punjab, and Kasauli in Himachal Pradesh.

Vipul Roongta, Managing Director & CEO of HDFC Capital, emphasized the firm’s confidence in smaller cities situated within a 300-kilometre radius of metro hubs. “Our partnership with Eldeco aligns with our long-term vision of catalyzing the development of sustainable, aspirational housing for India’s expanding middle class,” he said.

Eldeco Group, known for its track record in townships across North India, will spearhead development through its privately held arm, Eldeco Infrastructure & Properties Ltd (EIPL). Pankaj Bajaj, Chairman & MD of Eldeco Group, remarked, “There is a huge unmet demand for quality housing in Tier 2 and 3 cities. With HDFC Capital’s support, we can now accelerate our presence in these high-growth regions.”

The collaboration underscores HDFC Capital’s larger goal of bridging India’s housing gap by focusing on affordable and mid-income housing, particularly in growth corridors outside major metros.

This platform forms a part of HDFC Capital’s US$ 4.2 billion fund ecosystem managed under four SEBI-registered Category II Alternative Investment Funds. The funds are dedicated to advancing the Government of India’s 'Housing for All' mission while promoting innovation and technology adoption in the real estate sector.

With this move, both HDFC Capital and Eldeco Group aim to redefine housing standards in emerging Indian cities and meet the rising aspirations of a growing urban population.