New Delhi: Private equity firm Red Fort Capital will invest $425 million (Rs1,677 crore) this fiscal in the booming Indian real estate market and has tied up with the Prestige Group for a township project in Bangalore.
Red Fort India Real Estate Fund managing director Parry Singh said of the $425 million earmarked, it has already invested $225 million 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. “The initial investment in the 800 acres mega township will be around $180 million, where we will put in $80 million and the remaining will be borne by the developer (Prestige),” Singh said.
He said Red Fort Capital (RFC) has not yet decided about the final investment. The proposed township would feature 1,000 units of low-cost mass housing for Rs1,100 per sq ft on 25 acre of land, he said.
This would be a mixed-use project, housing both residential and commercial properties, Singh said, adding “the township will constitute about 2,000 residential units in total.”
On its Hyderabad project, Singh said RFC has invested Rs200 crore to purchase land for building middle class housing units. The company is currently developing the second phase of the Commercial Tech Park in Bangalore. “We are investing $35 million for the second phase in 2.2 million sq ft of land,” Singh said.
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