The Greater Noida Industrial Development Authority (GNIDA) recently auctioned three residential plots for INR 521 crore, exceeding the reserve price of INR 262 crore. Eldeco Infrastructure, Prasu Infrabuild with Divyansh Infraheight, and Purvanchal Projects secured these plots. This follows a successful e-auction where GNIDA sold five land parcels for INR 1,500 crore. Eldeco has been particularly active, acquiring multiple land parcels in Noida, Gurgaon, and Sonipat. The company recently secured INR 350 crore in funding from HDFC Capital Advisors, bringing their joint platform's corpus to INR 850 crore. Eldeco Group has completed 200 projects and currently has 30 more in various stages of development.
The Greater Noida Industrial Development Authority (GNIDA) recently held an auction for three residential plots, generating INR 521 crore against a reserve price of INR 262 crore. Eldeco Infrastructure and Properties Ltd secured the largest plot, while Prasu Infrabuild and Divyansh Infraheight jointly acquired the second. Purvanchal Projects won the smallest plot. Eldeco's bid of INR 286 crore for a 30,470 sq m plot significantly exceeded the INR 187 crore reserve price. Prasu Infrabuild and Divyansh Infraheight's joint bid of INR 154 crore for a 16,276 sq m plot also surpassed the INR 91 crore reserve.
Purvanchal Projects secured a 3,999 sq m plot for INR 79.65 crore, more than tripling the INR 23.97 crore reserve price. This auction followed a recent GNIDA e-auction where Godrej Properties and Sobha acquired three land parcels. In total, GNIDA sold five land parcels for INR 1,500 crore, doubling the initial INR 738 crore expectation. Eldeco has been particularly active in land acquisitions. They previously secured a 20,000 sq m plot near the upcoming Jewar Airport in Noida for INR 96.86 crore in a Yamuna Expressway Industrial Development Authority (YEIDA) auction. In the same event, Purvanchal Projects bought a 40,000 sq m parcel for INR 149.47 crore.
Eldeco's expansion continued with purchases in Gurgaon's Sector 80, acquiring 2.7 acres for INR 110 crore and 8.5 acres for INR 165 crore through a Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) auction. They also obtained a 36,000 sq m plot in Greater Noida West for a INR 250 crore residential project, as well as large parcels in Sonipat for development. The company recently secured INR 350 crore in funding from HDFC Capital Advisors Limited, marking the third round of funding in three years. This brings their joint platform's total corpus to INR 850 crore, with plans to generate INR 8,000 crore from 17 projects. Previous funding rounds in 2021 and 2022 totalled INR 500 crore, focusing on projects in holiday destinations and tier-2 cities.
Eldeco Group has an extensive portfolio, having completed 200 projects totaling approximately 30 million sq ft of development. They currently have 30 projects in various stages, encompassing 35 million sq ft. The company's expansion plans include projects in Delhi, Gurgaon, Ludhiana, Sonipat, and Goa, with INR 500 crore already deployed in residential developments across several cities.
In recent transactions, GNIDA's auction of three residential plots for INR 521 crore exceeded expectations, with Eldeco Infrastructure, Prasu Infrabuild, and Purvanchal Projects securing key parcels. Eldeco has been notably active, expanding its holdings with significant land acquisitions in Noida, Gurgaon, and Sonipat, and securing substantial funding from HDFC Capital Advisors. The company's ongoing and planned projects, along with a robust funding corpus of INR 850 crore, underscore its ambitious growth strategy and substantial role in the real estate sector.
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