Realty firm Eldeco Group will invest about Rs 300 crore to develop a ultra-luxury housing project, comprising 80 villas, in Himachal Pradesh to tap rising consumer demand of high-end residential properties in hills.
Delhi-based Eldeco Group has bought 30-acre land in Sirmaur district to develop ultra-luxury holiday homes and also established a separate subsidiary 'Terra Garden' to develop such projects across tourist locations.
"We acquired 30 acre land parcel on hill few years ago. We will be developing 80 villas in this project," said Amar Kapoor, CEO of Terra Grande by Eldeco Group.
The company has launched 35 villas for sale in the first phase. The starting price is Rs 5.5 crore, he added.
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Kapoor said the company will be investing about Rs 300 crore to develop this project.
As per the declaration in registration with RERA, Eldeco Group's arm Terra Grande plans to complete this project in seven years.
Kapoor said the company is looking for land parcels to develop such vacation home projects across many states including Himachal Pradesh, Uttarakhand and Goa.
The company is also open to form joint ventures with land owners to expand this vertical.
"The demand for independent luxury villas has grown significantly in the last few years," Kapoor said.
As per the company's website, Eldeco Group has been in real estate development business since 1985. The group has already handed over 200 projects spanning large-format integrated townships, high-rise condominiums, industrial estates, malls and office buildings.
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Around 30 projects are in various stages of active execution.
The aggregate delivered area stands at more than 30 million square feet with over 30,000 satisfied customers.
Eldeco Group has projects in Lucknow, Kanpur, Agra, Greater Noida, Noida, Gurugram, Panipat, Sonipat, Ludhiana, Jhansi, Bareilly, Panchkula, Neemrana, Delhi, Kasauli, Rudrapur, Gorakhpur, Rishikesh and Jalandhar.
The group also has 1,200-acre 'Eldeco Sidcul Industrial Park at Sitarganj, Uttarakhand'
Eldeco Group has two major companies.
Eldeco Housing and Industries Ltd (EHIL), which is listed on the Bombay Stock Exchange, develops projects in Uttar Pradesh.
Eldeco Infrastructure and Properties Ltd (EIPL) was incorporated in the year 2000 to undertake projects in Delhi-NCR.
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