In a fresh move, once again real estate players have started looking at pumping in fresh funds in Delhi-NCR region for new launches and completing projects, which is likely to add more supply in the region.
Recently, Noida-based developer Eldeco raised Rs 275 crores from Tata Capital Housing Finance Ltd, wholly owned subsidiary of Tata Capital Ltd, where the developer plans to deploy funds in mid – income residential projects in Delhi NCR.
“The fund infused by TCHFL will focus on Eldeco’s 2 residential mid- income projects in the NCR. Both the projects have been launched and are currently under construction. The first project is a 2.1 million sq. ft. project in Noida and the second one is 1.2 million sq ft project in Sohna, Gurugram.
Eldeco Group has currently invested Rs 175 Crore in both the projects,” the company said. Pankaj Bajaj, MD of Eldeco Group, said “We are delighted to partner with TCHFL. Apart from tier 2 towns of North India, the NCR is a major growth area for us. After the pandemic the demand in housing has recovered and we are seeing good sales across our portfolio.
Our focus is to expand our projects across North India and provide quality housing to the mid-income segment.”
The two projects together are likely to have an estimated revenue potential of Rs 1650 crore which is targeted over the next 4 years.
Similarly, Gurugram based developer— Smart World Developers will invest Rs. 8000-10,000 crore in developing residential projects in Gurugram, with the company eyeing sales worth Rs 5000 crores by March 2022. Smart World is backed by India Infoline, Piramal Group.
The firm is initially focused on Gurugram with ergonomically designed low-rise floors and condominiums for the millennials. Aishwarya Bansal, co-founder, Smart World Developers, said: “India is among the fastest growing economies globally.
As a millennial nation with the largest number of millennials in the world, our focus is to be a catalyst of change and herald the future of real estate in India not just with our unique homes that young, aspiring Indians seek but also the professionalism and customer experience that redefines Indian realty and sets a tall benchmark”
(Edited by : Aditi Gautam)
First Published: IST