Eldeco expands into the holiday home market with a new project in Himachal Pradesh

Real estate firm Eldeco Group has acquired a 30-acre plot in Himachal Pradesh, marking its entry into the luxury holiday home segment. The company is also considering other projects in Uttarakhand and Goa as it looks to meet a significant rise in demand for holiday homes.

The company plans to invest Rs 300 crore in a phased construction project, initially building 80 villas in Himachal at a base price of Rs 5.5 crore each. The goal is to build gated communities in these locations and the company is currently looking for suitable land for development.

Eldeco recently acquired several plots in Greater Noida, Sonepat, Ludhiana and Gurgaon. The move follows 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 activities.

The Eldeco Group operates in Lucknow through Eldeco Housing & Industries and in other cities through Eldeco Infrastructure & Properties. The Eldeco Group has so far completed 175 projects with a total area of approximately 30 million square meters.