Realty firm Eldeco Group has purchased a 30-acre land parcel in Himachal Pradesh, marking its entry into the luxury holiday home segment. The company is also considering further projects in Uttarakhand and Goa, as it looks to meet a significant increase in demand for holiday homes.
The company plans to invest Rs 300 crore in a phased construction project, initially constructing 80 villas in Himachal at a base price of Rs 5.5 crore each. The aim is to establish gated communities at these locations, and the firm is currently in the process of searching for suitable land for the development.
Eldeco has recently acquired several land parcels in Greater Noida, Sonepat, Ludhiana, and Gurgaon. This move is pursuant to the company’s establishment of a Rs 475-crore platform with HDFC Capital Affordable Real Estate Fund-3 (H-CARE 3) for the development of residential projects. These acquisitions are an integral part of the platform’s operations.
The Eldeco Group operates in Lucknow through Eldeco Housing & Industries and in the rest of the cities through Eldeco Infrastructure & Properties. The Eldeco Group has so far delivered 175 projects totaling about 30 million sq-ft.
