Realty firm Eldeco Group has acquired a land parcel of 30 acres for a luxurious holiday home project in Himachal Pradesh, entering the booming second home market. A 475 INR-Crore platform was set up with HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3) for various residential projects, and this acquisition falls under the platform.
Amar Kapoor, CEO of Terra Grande (by Eldeco Group), said the project involves the construction of 80 villas of three different sizes in Himachal with a starting price of 5.5 INR-Crore. The construction will commence in a phased manner with an estimated investment of 300 INR-Crore.
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The CEO further added that the demand for holiday homes had a huge surge post-COVID, thus the firm is looking to not only build independent villas but also sell them at these destinations. Eldeco has also recently acquired land parcels in Greater Noida, Sonepat, Ludhiana, and Gurgaon.
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