Eldeco and Purvanchal buys land from Yamuna authority for Rs 250 crore

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Eldeco infrastructure and properties Ltd has bought a 20,000 sq metre land parcel near the upcoming Jewar airport in Noida through an auction by the Yamuna Expressway Industrial Development Authority (YEIDA) for Rs 96.86 crore.

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Another Noida based developer Purvanchal projects has bought an 40,000 sq metre land for Rs 149.47 crore.

Both the land parcels are for group housing projects and developers are expected to build high rises on the acquired land.

Eldeco has recently acquired 2.7 acres for Rs 110 crore and 8.5 acres for Rs 165 crore in Gurgaon Sector 80 through an auction held by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC).

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It has acquired a 36,000-square-metre plot in Greater Noida West, where it will develop 750,000 sq ft of residential space with an investment of Rs 250 crore.

It has also acquired a 14.5-acre and an 18-acre land parcels in Sonepat, where it will go for plotted and villa development.

It has recently secured Rs 350 crore in funding from HDFC Capital Advisors Limited for their joint platform that executes residential projects across the country.

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This is the third round of funding in as many years, which has taken the platform’s corpus to Rs 850 crore and it expects to generate Rs 8,000 crore from 17 projects.

In August 2021, the platform had raised Rs 150-crore and then another Rs 350 crore in September 2022 with the focus of developing projects in holiday destinations and tier 2 cities.

The company has planned projects in Delhi, Gurugram, Ludhiana, Sonipat and Goa having deployed Rs 500 crore in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida (West) & Gurugram.

Eldeco Group has delivered 200 projects with approximately 30 million sqft of real estate development. Besides these, the Group has 30 projects with 35 million sqft in various stages of execution.