Eldeco Group invests Rs 300 crore in ultra-luxury villa project in Himachal Pradesh

Real estate giant Eldeco Group is set to invest approximately Rs 300 crore in the development of an ultra-luxury housing project in Himachal Pradesh, catering to the increasing demand for high-end residential properties in the hills. The Delhi-based company has acquired a 30-acre land parcel in the picturesque Sirmaur district to create an enclave of 80 villas.

Amar Kapoor, CEO of Terra Grande by Eldeco Group, stated, "We acquired a 30-acre land parcel on the hill a few years ago. We will be developing 80 villas in this project." The company has already launched the sale of 35 villas in the first phase, with prices starting at Rs 5.5 crore.

In line with the venture, Eldeco Group established a subsidiary named 'Terra Garden' dedicated to developing similar luxury projects across tourist destinations. The seven-year project, as per RERA registration, aims to meet the growing demand for independent luxury villas.

Kapoor expressed the company's interest in exploring opportunities in other states, including Himachal Pradesh, Uttarakhand, and Goa. Eldeco Group remains open to joint ventures with landowners to expand its footprint in the vacation home vertical.

With a history dating back to 1985, Eldeco Group boasts an impressive portfolio, including integrated townships, high-rise condominiums, industrial estates, malls, and office buildings. The group has completed over 200 projects, with 30 currently in various stages of execution. With more than 30 million square feet delivered and over 30,000 satisfied customers, Eldeco Group has established a strong presence in Lucknow, Kanpur, Agra, Greater Noida, and various other locations.

The company's expansion also includes the 1,200-acre 'Eldeco Sidcul Industrial Park at Sitarganj, Uttarakhand.' With two major companies, Eldeco Housing and Industries Ltd (EHIL) and Eldeco Infrastructure and Properties Ltd (EIPL), the group continues to be a prominent player in real estate development.