HDFC Capital and Shalimar Corp Form 750 Cr UP Realty Platform

HDFC Capital and Shalimar Corp establish a ₹750 crore platform to develop over 5 million sq ft and around 3,000 homes across Lucknow, Varanasi and Kanpur in Uttar Pradesh.

HDFC Capital Advisors Limited, the real estate private equity arm of the HDFC Group, partners with Shalimar Corp to establish a ₹750 crore real estate platform focused on residential and mixed-use developments across key markets in Uttar Pradesh. The platform targets the development of more than 5 million sq ft of space and approximately 3,000 homes across Lucknow, Varanasi and Kanpur.

The partnership focuses on emerging urban centres where increasing urbanisation, rising incomes and infrastructure development are supporting demand for housing. The planned developments are intended to expand the supply of residential communities while also incorporating mixed-use components in selected locations.

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Vipul Roongta, Managing Director and CEO, HDFC Capital, says emerging urban centres in Uttar Pradesh are positioned for the next phase of housing growth, supported by economic and infrastructure development. He adds that the partnership combines HDFC Capital's institutional funding capabilities with Shalimar Corp's local market expertise to accelerate housing development across the state.

Shalimar Corp is expanding its footprint beyond its established Lucknow market through the platform. The company has recently entered Varanasi, identifying the city as a growth market supported by religious tourism, its expanding infrastructure base and increasing real estate activity. The company is also developing township projects in Lucknow and pursuing opportunities in other major Uttar Pradesh markets.

Khalid Masood, Managing Director, Shalimar Corp, says the partnership builds on the company's experience across residential townships, IT parks and mixed-use developments. The platform is aimed at creating planned communities that respond to evolving housing requirements across Uttar Pradesh.

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Founded in 1988, Shalimar Corp is headquartered in Lucknow and operates across real estate, infrastructure, property management and related sectors. The company says it has developed nearly 6 million sq ft of residential and commercial property and is planning further expansion across major cities in Uttar Pradesh and Delhi-NCR.

HDFC Capital, meanwhile, operates as an investment manager for multiple SEBI- and IFSCA-registered Category II Alternative Investment Funds. Through the new platform, both companies seek to expand residential and mixed-use development in Uttar Pradesh's growing urban markets.