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.

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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.

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