HDFC Capital to invest Rs 1.5 Bn with Eldeco for small-town homes

15 Apr 2025 CW Team

HDFC Capital Advisors Ltd, the real estate private equity arm of the HDFC Group, has partnered with Delhi-based Eldeco Group to launch this development platform, targeting towns across Haryana, Punjab, Himachal Pradesh, and Uttarakhand.

The combined development area across these 18 projects is expected to exceed 10 million square feet.

“We will be infusing Rs 15 billion in this joint platform with Eldeco Group,” said Vipul Roongta, Managing Director and CEO, HDFC Capital.

Only last month, HDFC Capital invested Rs 13 billion in a similar platform with Total Environment to develop housing projects worth Rs 100 billion in Bengaluru.

Speaking on the Eldeco partnership, Roongta said, “We are bullish on the potential of tier-II and tier-III towns located within 300 km of major metropolitan centres. Our partnership with Eldeco aligns with our long-term vision of catalysing the development of sustainable, aspirational housing for India’s expanding middle class.”

He added that ongoing infrastructure upgrades in these regions are effectively bringing smaller towns closer to urban economic hubs.

The projects will be located in cities such as Panipat and Sonipat in Haryana; Rudrapur and Rishikesh in Uttarakhand; Ludhiana in Punjab; and Kasauli in Himachal Pradesh.

“Eldeco has a strong track record of township development in non-metro markets, and we’re excited to partner with them,” Roongta added.

Pankaj Bajaj, Chairman and Managing Director, Eldeco Group, noted, “This investment allows us to accelerate expansion into high-growth markets that are increasingly integrated with India’s economic mainstream. There is a significant unmet demand for quality housing in tier-II and III cities.”

The platform has been launched with Eldeco Infrastructure & Properties Ltd (EIPL), the unlisted entity of the Eldeco Group. The listed arm, Eldeco Housing & Industries Ltd, operates primarily in the Lucknow market under a brand licence from EIPL.

HDFC Capital, a subsidiary of HDFC Bank, manages four SEBI-registered Category II Alternative Investment Funds. Collectively, these funds represent a USD 4.2 billion platform focused on affordable and mid-income housing development in India.

Aligned with the Government of India’s 'Housing for All' initiative, HDFC Capital is also promoting innovation and technology adoption in the real estate sector.

Eldeco Group has delivered over 200 real estate projects, with more than 60 million sq ft of constructed space across the country.

Betting big on the housing demand in smaller Indian cities, HDFC Capital will invest Rs 15 billion in a new platform with Eldeco Group to develop 18 residential projects across tier-II and tier-III towns, with an estimated revenue potential of Rs 110 billion. HDFC Capital Advisors Ltd, the real estate private equity arm of the HDFC Group, has partnered with Delhi-based Eldeco Group to launch this development platform, targeting towns across Haryana, Punjab, Himachal Pradesh, and Uttarakhand. The combined development area across these 18 projects is expected to exceed 10 million square feet. “We will be infusing Rs 15 billion in this joint platform with Eldeco Group,” said Vipul Roongta, Managing Director and CEO, HDFC Capital. Only last month, HDFC Capital invested Rs 13 billion in a similar platform with Total Environment to develop housing projects worth Rs 100 billion in Bengaluru. Speaking on the Eldeco partnership, Roongta said, “We are bullish on the potential of tier-II and tier-III towns located within 300 km of major metropolitan centres. Our partnership with Eldeco aligns with our long-term vision of catalysing the development of sustainable, aspirational housing for India’s expanding middle class.” He added that ongoing infrastructure upgrades in these regions are effectively bringing smaller towns closer to urban economic hubs. The projects will be located in cities such as Panipat and Sonipat in Haryana; Rudrapur and Rishikesh in Uttarakhand; Ludhiana in Punjab; and Kasauli in Himachal Pradesh. “Eldeco has a strong track record of township development in non-metro markets, and we’re excited to partner with them,” Roongta added. Pankaj Bajaj, Chairman and Managing Director, Eldeco Group, noted, “This investment allows us to accelerate expansion into high-growth markets that are increasingly integrated with India’s economic mainstream. There is a significant unmet demand for quality housing in tier-II and III cities.” The platform has been launched with Eldeco Infrastructure & Properties Ltd (EIPL), the unlisted entity of the Eldeco Group. The listed arm, Eldeco Housing & Industries Ltd, operates primarily in the Lucknow market under a brand licence from EIPL. HDFC Capital, a subsidiary of HDFC Bank, manages four SEBI-registered Category II Alternative Investment Funds. Collectively, these funds represent a USD 4.2 billion platform focused on affordable and mid-income housing development in India. Aligned with the Government of India’s 'Housing for All' initiative, HDFC Capital is also promoting innovation and technology adoption in the real estate sector. Eldeco Group has delivered over 200 real estate projects, with more than 60 million sq ft of constructed space across the country.

Resources

04 Jun 2026

ULCCS Showcases Cooperative Model at UN Symposium

Uralungal Labour Contract Co-operative Society (ULCCS) showcased its community-led development model at the United Nations Headquarters in New York, where it participated as a panellist at the International Symposium on Cooperative Financial Institutions held on 28–29 May 2026.Jointly organised by the United Nations Department of Economic and Social Affairs (UN DESA), the International Cooperative Banking Association (ICBA), and the International Cooperative Alliance (ICA), the symposium was held under the theme ‘Fuelling Inclusive and Equitable Growth’ and brought together policymakers,..

Infrastructure Transport

04 Jun 2026

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Real Estate

04 Jun 2026

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..