In a new move, once again real estate players have started looking to raise new funds to be injected into the Delhi-NCR region for new launches and to complete projects, which is expected to increase supply in the region. .
Recently, Noida-based developer Eldeco raised Rs 275 crore from Tata Capital Housing Finance Ltd, a wholly owned subsidiary of Tata Capital Ltd, where the developer plans to deploy funds to middle income residential projects in Delhi. NCR.
“The fund injected by TCHFL will focus on Eldeco’s 2 middle-income residential projects in the NCR. Both projects have been launched and are currently under construction. The first project is a 2.1 million square foot project in Noida and the second is a 1.2 million square foot project in Sohna, Gurugram.
Eldeco Group has currently invested Rs 175 Crore in both projects, ”the company said. Pankaj Bajaj, Managing Director of Eldeco Group, said: “We are delighted to partner with TCHFL. Apart from the tier 2 cities of North India, the NCR is a major growth area for us. After the pandemic, demand for housing picked up and we are seeing good sales across our portfolio.
Our aim is to expand our projects across North India and provide quality housing to the middle income segment. “
The two projects together are likely to have an estimated revenue potential of Rs 1,650 crore which is targeted over the next 4 years.
Likewise, the Gurugram-based developer – Smart World Developers will invest Rs. 8,000-10,000 crore in developing residential projects in Gurugram, with the company envisioning sales worth Rs 5,000 crore by March 2022. Smart World is supported by India Infoline, Piramal Group.
The company initially focused on Gurugram with low floors and ergonomic condominiums for millennials. Aishwarya Bansal, co-founder of Smart World Developers, said, “India is among the fastest growing economies in the world. world.
As a millennial nation with the greatest number of millennials in the world, our aim is to be a catalyst for change and to herald the future of real estate in India not only with our unique homes as budding Indian youth seek but also the professionalism and customer experience that redefines Indian real estate and sets a high benchmark ”
(Edited by : Aditi Gautam)