Introduction
Eldeco Group plans to launch a luxury project in Gurgaon with housing units ranging from ₹2.5 crore to ₹5 crore. Around ₹400 crore can be invested in the construction. Real estate company Eldeco Group has around 10 housing projects in Sonepat, Panipat, Ludhiana, Rudrapur, Noida Extension, Gurgaon, Lucknow, Kanpur, Himachal Pradesh, and Rishikesh. 1000 crores are being invested this year.
Table of Contents
- Eldeco Group to Launch Luxury Projects
- Launched Around 550 Housing Units
- Company Has Launched 11 Residential Towers.
- Greater Noida Authority Auction
- Development of 80 Villas at a Cost of ₹6 Crores
- Commercial Projects
The company’s chairman and managing director stated, “We currently operate in over 15 cities. Instead of introducing projects in new markets or asset classes, we aim to further develop our presence in existing markets.”
In 2023, the company acquired 8.5 acres of land in Sector 80 Gurugram for ₹165 crores through an auction conducted by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC), Gurgaon.
Eldeco Group to Launch Luxury Projects
The real estate firm plans to launch a luxury project on this land parcel, with housing units starting at ₹2.5 crore to ₹5 crore. “Approvals are awaited, and construction is expected to start by April 2024,” Bajaj said, adding that the company would invest around ₹400 crore on the construction of the project and expect a revenue of ₹1,000 crores from sales.
In Sonepat, the company has launched 253 villas and plots, and the sales realization is close to ₹300 crores. The response from the market is very strong, he said.
Launched Around 550 Housing Units
In Panipat, the real estate firm has launched around 550 housing units, most of which have been sold, and the sales realization is likely to touch ₹500 crores. Awaiting permission in Ludhiana, Kanpur. The company already owns 35 acres. It plans to start with 250 housing units in these cities.
In Lucknow, two projects are expected to be launched by April 24 under the umbrella of the listed entity Eldeco Housing and Industries Ltd. These will be in the mid-housing segment, said the company’s chairman and managing director.
Company Has Launched 11 Residential Towers.
In Noida’s Sector 150, which is part of the Sports City scheme, the company has launched 11 residential towers that are currently under construction. The six remaining towers will be assembled once the Sports City issue is settled.
The company also plans to launch a mid-segment project in Greater Noida West. “Approvals are pending. We will start the project on March 24. We plan to invest around ₹285 crore in construction. Expect sales in the region of ₹600 crore,” said the chairman Bajaj.
Greater Noida Authority Auction
In January 2023, the company won the bid for one of the three land parcels auctioned by the Greater Noida Authority. The area of the land parcel is 14,998 square meters. A consortium consisting of Savana Builders Company Limited (70%) and Eldeco Infrastructure & Property Limited acquired it for ₹53.01 crore, surpassing the reserve price of ₹52.49 crore. It is currently in the approval stage. He said it should start by the end of this year.
Development of 80 Villas at a Cost of ₹6 Crores
The company has also launched the Terra Grande brand, intending to create high-end housing projects catering to the second home market. It will develop 80 villas in the Sirmaur district of Himachal Pradesh, starting at Rs. 6 crores. It has already announced its intention to invest around ₹300 crores. Its prices start at ₹10 crores.
Commercial Projects
Eldeco Group has completed a commercial project in Delhi’s Malviya Nagar area. He said that they are looking for more commercial projects across North India.
- It is positioned along the metro corridor.
- It is constructed on a 2.25 lakh square feet area.
- It has already invested ₹350 crore with 90 percent leased.
Conclusion
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