Eldeco Housing & Industries Executes ₹110 Crore Term Loan Agreement with Piramal Finance for Land Acquisition and Project Expenses
Eldeco Secures ₹110 Crore Financing for Solano Gardens Expansion
Eldeco Housing & Industries Limited executed a Rs. 110 crore term loan facility agreement with Piramal Finance Limited on February 11, 2026. The facility involves Eldeco Housing along with five of its wholly owned subsidiaries: Ascendancy Constructions Private Limited, Carnation Realtors Private Limited, Facility Constructions Private Limited, Garv Constructions Private Limited, and Khwahish Constructions Private Limited.
Loan Structure and Purpose
The loan is earmarked for land acquisition and project expenses. The facility agreement was approved by the Board on February 10, 2026, and represents a significant financial arrangement for the real estate developer.
The borrowed capital is specifically allocated toward land acquisition in Lucknow, group project expenses, and general project expenses.
Security and Collateral
Security includes an exclusive mortgage over the Project Land (Solano Gardens, 30 acres), hypothecation over project receivables, a corporate guarantee from Eldeco Inception Buildtech Private Limited, and a 100% shareholding pledge of the five subsidiary borrowers.
In the event of a payment default, Piramal Finance reserves the sole discretion to appoint its nominee as a Director on the borrower's Board.
About Eldeco Solano Gardens
Eldeco Solano Gardens is an exclusive villa and plotted township located on New Jail Road, designed for those who value privacy, elegance, and long-term legacy, spread across ~52 acres of low-density development. There are around 449 units on offer. This is a new launch project right now, and is expected to be delivered by Jul, 2030.
The RERA registration number of this project is UPRERAPRJ416310/01/2026.
Eldeco's Development Footprint
EHIL was incorporated in 1985, has been the market leader in Lucknow for over 3 decades, is listed on the Bombay Stock Exchange and has an uninterrupted dividend paying record since inception. The Group is synonymous with timely and quality delivery in 20 cities in North India and has already handed over 200 projects spanning large-format integrated townships, high-rise condominiums, industrial estates, malls and office buildings.
The aggregate delivered area stands at more than 60 million sq.ft. with over 30,000 satisfied customers. In Lucknow specifically, Eldeco Housing and Industries Ltd. (EHIL), a publicly listed company (BSE: 523329) focuses on projects in Uttar Pradesh, particularly in Lucknow and Kanpur, where it has maintained market leadership for decades.
The company's recent expansion reflects broader investment momentum. Eldeco Housing reports 18.6% revenue growth in Q3 FY26 and launched Rs.1,000 crore Solano Gardens project.