Greater Noida Auction: Eldeco Wins Top Plot for ₹286 Cr
The Greater Noida Industrial Development Authority (GNIDA) recently held an auction for three residential plots, generating a total of ₹521 crore, which significantly exceeded the reserve price of ₹262 crore. Eldeco Infrastructure and Properties Ltd acquired the largest plot, spanning 30,470 square meters, for ₹286 crore, surpassing its reserve price of ₹187 crore. Meanwhile, Prasu Infrabuild and Divyansh Infraheight jointly secured a 16,276 square meter plot for ₹154 crore, and Purvanchal Projects obtained the smallest plot of 3,999 square meters for ₹79.65 crore, both well above their respective reserve prices.
This auction follows a previous e-auction where Godrej Properties and Sobha acquired land parcels. GNIDA initially offered five plots valued at ₹738 crore, ultimately selling them for a total of ₹1,500 crore.
Eldeco has been actively expanding its real estate footprint, having previously purchased a 20,000 square meter plot near the upcoming Jewar airport in Noida for ₹96.86 crore through a Yamuna Expressway Industrial Development Authority (YEIDA) auction. During the same auction, Purvanchal Projects purchased a 40,000 square meter plot for ₹149.47 crore.
Beyond Noida, Eldeco has secured land in Gurgaon’s Sector 80, purchasing 2.7 acres for ₹110 crore and 8.5 acres for ₹165 crore through an auction by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). The company also acquired a 36,000 square meter plot in Greater Noida West for a 750,000 square foot residential project, investing ₹250 crore, and has obtained land in Sonipat for plotted and villa developments.
Eldeco’s expansion is supported by funding from HDFC Capital Advisors Limited, with a recent infusion of ₹350 crore for its joint platform focused on residential projects across the country. This marks the third funding round in three years, increasing the platform’s corpus to ₹850 crore, with an expected generation of ₹8,000 crore from 17 projects. Earlier funding rounds consisted of ₹150 crore in August 2021 and ₹350 crore in September 2022, focusing on developments in holiday destinations and tier-2 cities.
The company plans projects in Delhi, Gurgaon, Ludhiana, Sonipat, and Goa, having already invested ₹500 crore in residential developments in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida (West), and Gurgaon. Eldeco Group has a strong track record, having delivered 200 projects with approximately 30 million square feet of real estate development, and currently has 30 projects underway, totaling 35 million square feet.
Read more: Greater Noida Seals Grand Omaxe, Urges Quick Dues Settlement
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