Eldeco and Purvanchal Purchase Land from Yamuna Authority for Rs 2.5 bn

15 Jul 2024 CW Team

Eldeco Infrastructure and Properties announced the acquisition of a 20,000 sq m land parcel near the upcoming Jewar airport in Noida. The land was purchased through an auction by the Yamuna Expressway Industrial Development Authority (YEIDA) for Rs 960.86 million.

Similarly, Purvanchal Projects, another Noida-based developer, disclosed the acquisition of a 40,000 sq metre land for Rs 1.49 billion.

Both land parcels are designated for group housing projects, with plans for constructing high rises on the acquired properties.

Eldeco revealed recent acquisitions including 2.7 acre in Gurgaon Sector 80 for Rs 1.10 billion and 8.5 acre for Rs 1.65 billion, obtained through an auction by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). Additionally, they secured a 36,000-square-metre plot in Greater Noida West, where they will develop 750,000 sq ft of residential space with an investment of Rs 2.50 billion.

Further expansions include the acquisition of 14.5-acre and 18-acre land parcels in Sonepat, earmarked for plotted and villa development. Funding for these initiatives includes Rs 3.50 billion from HDFC Capital Advisors Limited, marking the third round of funding in as many years and increasing the platform?s corpus to Rs 8.50 billion. Eldeco anticipates generating Rs 80 billion from 17 projects.

Previously, in August 2021, the platform had raised Rs 1.50 billion followed by another Rs 3.50 billion in September 2022, focusing on projects in holiday destinations and tier 2 cities.

Eldeco has strategic projects planned in Delhi, Gurugram, Ludhiana, Sonipat, and Goa, with Rs 5 billion allocated to residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida (West), and Gurugram.

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