HDFC Capital, Shalimar create Rs 750 crore platform for UP real estate

New Delhi: HDFC Capital Advisors, the real estate private equity arm of HDFC Group, has created a Rs 750 crore platform with Shalimar Corp to develop residential and mixed-use projects across key markets in Uttar Pradesh, including Lucknow, Varanasi and Kanpur.

The platform will include multiple projects with a combined development potential of more than 5 million sq ft and about 3,000 homes, targeting demand for aspirational housing in these markets.

"Emerging urban centres across Uttar Pradesh are set to lead the next phase of housing growth, supported by rising incomes, urbanisation and infrastructure development," said Vipul Roongta, MD and CEO, HDFC Capital.


Shalimar has launched projects worth Rs 6,000 crore in the last three years. In FY27, it plans to launch projects worth Rs 4,000 crore.

The company recently entered Varanasi, which it has identified as a key growth market, citing its increasing religious significance, spiritual tourism and large-scale infrastructure investments.

"Over the years, Shalimar has built a legacy of trust and excellence through a diversified portfolio of residential townships, IT parks and mixed-use developments, and with this platform, we plan to take the development ahead," said Khalid Masood, MD, Shalimar Corp.

Shalimar Corp has delivered more than 70 projects and developed more than 25 million sq ft of premium real estate. It is also executing township projects in Lucknow.