Red Fort Capital to invest $425 million in IndiaRed Fort to invest $425 million in Indian realty market in 2007-08. Has projects in Bangalore, Hyderabad
Apnaloan.com Research Bureau
09 Oct 2007
Private equity firm Red Fort Capital (RFC) will invest $425 million (about Rs 1,677 crore) in the Indian realty market in the current financial year.
Of the $425 million Red Fort India Real Estate Fund, $225 million have already been invested in five projects - one in Chennai and two each in Bangalore and Hyderabad.
Besides these projects, the firm has also tied up with the Prestige Group for a $250 million township project in Bangalore.
RFC will provide the initial investment of $80 million in the 800 acres mega township, while $100 million will be borne by the developer (Prestige).
The proposed township would feature 1,000 units of low-cost mass housing for Rs 1,100 per sq ft on 25 acre of land, a mixed-use project, housing both residential and commercial properties.
In its Hyderabad project, RFC has invested Rs 200 crore to purchase land for building middle class housing units.
The company is also developing the second phase of the Commercial Tech Park in Bangalore, with an investment of $35 million for the second phase in 2.2 million sq ft of land.