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Eldeco Housing eyes ₹5,500 crore from project pipeline; targets three launches by March 2027

The company's ongoing projects could generate ₹1,600-1,700 crore, while forthcoming projects have an estimated revenue potential of ₹3,000-3,200 crore. Eldeco Housing is targeting launches of Shaheed Path, Palm Springs and Eldeco Namah before March 2027.

The company expects its ongoing projects, comprising around 24-25 lakh sq ft of launched area, to generate approximately ₹1,600-1,700 crore over the next couple of years.

Its forthcoming project pipeline comprises another 3.5-4 million sq ft and could generate around ₹3,000-3,200 crore, based on indicative realisations of ₹7,000-8,000 per sq ft. Land already tied up could contribute another approximately ₹1,000 crore, according to management estimates.

"Overall, in the aggregate, we are talking about ₹5,500 crore to be executed and recognised over the next five-six years," Bajaj said.

Three projects targeted for launch by March 2027

The company is targeting the launch of Shaheed Path, Palm Springs and Eldeco Namah before March 2027. The remaining projects in its forthcoming pipeline could spill over into the next financial year.

For Eldeco Namah, around 32 acres have received layout approvals and the company is preparing to apply for RERA registration.

It is also aggregating another 8.9 acres adjoining the project and may acquire further land before seeking approvals for the additional parcel. The expanded portion is expected to move into the next financial year.

LDA projects likely to be launched around September 2027

The company also provided a timeline for two projects being developed on land acquired from the Lucknow Development Authority - LDA GH-8 and LDA GH-7. Since the projects are located close to Shaheed Path, it does not intend to launch them simultaneously in the same micro-market.

Shaheed Path will be launched first, followed by the two LDA projects after a gap of approximately six months. If Shaheed Path is launched by March 2027, management expects the LDA projects to be launched around September 2027.

Payments towards the LDA land are being made in instalments, while the company also has a payment moratorium during the initial years, which limits upfront capital deployment.

Latitude 27 has ₹265-270 crore revenue potential

Eldeco expects its Latitude 27 project to generate total revenue of approximately ₹265-270 crore. The project has about five lakh sq ft of saleable area, of which approximately four lakh sq ft has already been allotted for ₹213 crore. Around 90,000 sq ft remains available for sale after adjusting for the partner's share.

Management said the project could generate another approximately ₹63 crore from the remaining inventory based on an indicative realisation of ₹7,000 per sq ft.

Construction at Latitude 27 is running ahead of schedule and the company intends to apply for its completion certificate during Q4 FY27. Revenue recognition could begin either in the March 2027 quarter or the June 2027 quarter, with management indicating that the latter is currently more likely.

The project is around 80% sold and is expected to generate EBITDA margins of approximately 25-30%.

Exploring entry into Gorakhpur

Eldeco Housing is also evaluating a potential entry into the Gorakhpur real estate market. The company has signed an in-principle term sheet with landowners.

Company aims to triple its scale in next five-six years

The company expects to scale to at least three times its present size over the next five-six years. Bajaj said Lucknow continued to offer significant growth opportunities on the back of infrastructure development and residential demand.

"If we do not grow 3x from here in the next five years, I would be very disappointed," he said.