Thursday, July 25, 2024

Eldeco Group Ventures into Luxury Holiday Homes: Unveils Plans for 80 Villas near Kasauli, Himachal Pradesh

In a strategic move to cater to the surging demand for high-end second homes, Delhi-based Eldeco Group has acquired a 30-acre land parcel near Kasauli, Himachal Pradesh. The real estate firm aims to develop ultra-luxury holiday homes through its subsidiary ‘Terra Grande,’ with an estimated revenue of Rs 500 crore.

Investing approximately Rs 300 crore, excluding the land cost, Eldeco plans to create an upscale housing project comprising 80 villas on the Dharampur-Nahan-Ponta Sahib national highway, close to the popular tourist destination Kasauli.

Amar Kapoor, CEO of Terra Grande, highlighted the growing demand for second homes in holiday destinations, particularly among high-net-worth individuals (HNIs) who prefer investing in luxurious properties situated in hill states like Himachal Pradesh and Uttarakhand or near beaches like Goa.

Marking Eldeco’s entry into the holiday home segment, the project named ‘Eldeco Terra Grande’ spans 30 acres, offering a saleable area of 3.5 lakh square feet (sqft). The expected top line for this high-end luxury project is Rs 500 crore.

The development will feature 80 villas, translating to approximately three villas per acre. In the initial phase, the company plans to construct 38 villas, with 13 already sold. Buyers include SME business owners and individuals from the service sector.

Villa configurations range from 3, 4, to 5BHK duplex villas, offering built-up areas of 3,000 sqft, 4,500 sqft, and 5,500 sqft, respectively. The township will also include amenities such as a hospital, club house, and play areas for children.

Prices for the villas start from around Rs 5.75 crore for a 3BHK and go up to approximately Rs 9 crore for a 5BHK villa. The project has obtained all necessary approvals, including RERA, and construction is already underway.

Looking ahead, the Eldeco Group plans its next project under the ‘Terra Grande’ vertical in Rishikesh, Uttarakhand, and is actively exploring opportunities in Goa, continuing its commitment to delivering luxurious and sustainable real estate solutions.

Eldeco Group, comprising Eldeco Housing and Industries Ltd (EHIL) and Eldeco Infrastructure and Properties Ltd (EIPL), operates in various regions, including Noida, Greater Noida, Gurugram, Delhi, Panipat, Sonipat, Gorakhpur, Lucknow, Kanpur, Agra, Bareilly, Panchkula, Neemrana, Kasauli, Jhansi, Jalandhar, and Ludhiana.

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