HDFC Capital Advisors Limited, the real estate private equity arm of the HDFC Group, has partnered with Shalimar Corp to create a ₹750 crore platform focused on residential and mixed-use developments across key markets in Uttar Pradesh. According to reports from The Economic Times, this collaboration targets prominent cities including Lucknow, Varanasi and Kanpur. The platform will include multiple projects with a combined development potential of over 5 million sq ft and approximately 3,000 homes, specifically targeting demand for aspirational housing in these markets.
As reported by The Economic Times, Vipul Roongta, Managing Director & CEO of HDFC Capital, emphasized that emerging urban centres across Uttar Pradesh are positioned to lead the next phase of housing growth, supported by rising incomes, urbanisation and infrastructure development. Khalid Masood, Managing Director of Shalimar Corp, stated that the company plans to leverage its legacy of trust and excellence through a diversified portfolio of residential townships, IT parks and mixed-use developments to advance the platform's development. Roongta noted that the partnership with Shalimar combines deep local expertise with institutional capital to accelerate the delivery of quality housing in these promising residential markets.
According to The Economic Times, Shalimar Corp has launched projects worth ₹6,000 crore in the last three years and plans to launch projects worth ₹4,000 crore in FY 2026-27. The company has delivered more than 70 projects and developed more than 25 million sq ft of premium real estate. Shalimar Corp recently entered Varanasi, which it has identified as a key growth market, citing its increasing religious significance, spiritual tourism and large-scale infrastructure investments. The company is also executing township projects in Lucknow. Shalimar Group, founded in 1988, is a diversified real estate and infrastructure-focused business group headquartered in Lucknow with interests across real estate and infrastructure development, property management and glass processing.
