July 16, 2024: Eldeco Infrastructure and Properties has announced the acquisition of a 20,000 square metre (sqm) land parcel near the upcoming Jewar airport in Noida. This land was purchased through an auction held by the Yamuna Expressway Industrial Development Authority (Yeida) for Rs 96.86 crore. Similarly, Purvanchal Projects, another developer based in Noida, acquired a 40,000 sqm land parcel from Yeida for Rs 149.47 crore. Both developers plan to use these land parcels for group housing projects, including high-rise constructions.
Eldeco has also recently acquired 2.7 acre in Gurgaon’s Sector 80 for Rs 110 crore and 8.5 acre for Rs 165 crore through an auction by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). In addition, they secured a 36,000 sqm plot in Greater Noida West to develop 750,000 square foot (sqft) of residential space with an investment of Rs 250 crore.
Further expansions include acquiring 14.5-acre and 18-acre land parcels in Sonepat, intended for plotted and villa developments. These initiatives are funded with Rs 350 crore from HDFC Capital Advisors, marking the third funding round in three years and increasing the platform’s corpus to Rs 850 crore. Eldeco anticipates generating Rs 8,000 crore from 17 projects. Previously, in August 2021, Eldeco raised Rs 150 crore, followed by another Rs 350 crore in September 2022, focusing on projects in holiday destinations and tier-2 cities.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
