The Delhi-based Eldeco Group has purchased a 30-acre plot of land close to Kasauli, Himachal Pradesh, with the intention of developing ultra-luxury vacation homes with an anticipated top line of Rs 500 crore. The group’s goal is to capitalize on the growing demand for upscale second homes.
Through its subsidiary “Terra Grande,” the real estate company intends to invest roughly Rs 300 crore (excluding the cost of the land) in order to create the ultra-luxury housing project, which will include 80 villas.
The project is located close to Kasauli, a well-liked tourist site, on the Dharampur-Nahan-Paonta Sahib national route.
According to Amar Kapoor, CEO of Terra Grande, there is a growing demand for second houses near vacation spots as people—particularly high-net-worth individuals (HNIs)—choose to invest in these opulent residences near Goa’s beaches and in hill regions like Himachal Pradesh and Uttarakhand.
