HDFC Capital and Shalimar Corp Create INR 750 Cr Platform to Drive Housing in Uttar Pradesh

HDFC Capital Advisors Limited, the real estate private equity arm of the HDFC Group, has partnered with Shalimar Corp to create an INR 750 crore platform focused on residential and mixed-use developments across key markets in Uttar Pradesh such as 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, helping meet the growing demand for aspirational housing in these markets.

The partnership builds on HDFC Capital’s strategy of partnering with established regional developers having strong execution record to accelerate housing supply. It is also aligned with the firm’s broader objective of expanding affordable and mid-income housing, while strengthening residential real estate ecosystems in high-growth markets across Tier-I and Tier II cities.

Through such partnerships, HDFC Capital continues to advance its mission of bridging India’s housing gap by enabling the development of well-planned, high-quality residential communities in key growth corridors.
Khalid Masood, Managing Director, Shalimar Corp, said, “We are delighted to partner with HDFC Capital as we take a significant step forward in our vision to develop vibrant, thoughtfully planned communities across Uttar Pradesh. Over the years, Shalimar has built a strong legacy of trust and excellence through a diversified portfolio of residential townships, IT parks and mixed-use developments, driven by an unwavering commitment to quality, credibility, timely delivery and customer-centricity. 

Vipul Roongta, Managing Director & CEO, HDFC Capital, commented on the partnership, stating, “Emerging urban centres across Uttar Pradesh are poised to lead the next phase of housing growth, supported by rising incomes, urbanization, and infrastructure development. Our partnership with Shalimar combines deep local expertise with institutional capital to accelerate the delivery of quality housing in these promising residential markets.”

This strategic partnership marks an important milestone in our growth journey, enabling us to strengthen our presence across these key markets and deliver best-in-class developments that bring together international standards of planning and construction with a deep understanding of the evolving aspirations of our customers.”
About HDFC Capital Advisors Limited:

HDFC Capital, a subsidiary of HDFC Bank Ltd, is the real estate private equity arm of HDFC Group. HDFC Capital is focused on financing the development of affordable and mid-income homes in a sustainable manner. The company also promotes innovation, efficiency and technology adoption within the real estate sector through strategic investments and partnerships with proptech and construction technology companies.
HDFC Capital is the investment manager to multiple SEBI-registered and IFSCA-registered Category II Alternative Investment Funds. These funds combine to create a platform of US$ 5 billion. 
About Shalimar Group:

Founded in 1988, Shalimar Group is a diversified real estate and infrastructure-focused business group headquartered in Lucknow, Uttar Pradesh. The Group has interests across real estate and infrastructure development, property management & glass processing. By March 2027 the Group is expected to have developed nearly 70 projects, representing approximately 25 million Sq. Ft. of development across residential townships, high-rise condominiums, retail complexes, and IT parks. Shalimar is recognized for its focus on design excellence, technology-led development, quality construction, and customer-centric planning. Over the past three decades, Shalimar has built a significant presence across Uttar Pradesh.