Private equity firm Fire Capital plans to invest up to Rs 3,000 crore by 2010 to develop over 25 real estate projects across the country.
"By 2010, we expect to invest around 750 million dollars in developing projects in Indian real estate," FireCapital Fund Pvt Ltd CEO Om Chaudhry told PTI.
Of the 750 million dollars earmarked, the firm has already committed the capital of first fund of USD250 million in seven projects - one each in Chennai, Bangalore, Nagpur, Indore, Jaipur, Ahmedabad and Dehradun, he said, adding that the company was now in the process of raising USD500 million.
The company expects the closure of the second fund worth 500 million dollars by February 2008 to start the projects thereafter.
"We will develop about 20 projects utilising the second fund and 250 million dollars are in the pipeline," Chaudhry said, without elaborating on the identified projects.
With the first fund, the Mauritius-based company is developing seven integrated townships in partnership with local developers, which would be completed in 5-6 years, he said, adding "...from these ventures, we expect a realisation of over Rs 16,000 crore."
The seven townships would have 3,400 acres of land area and 75 million sq ft of built-up area. "Besides 30,000 residential units, the complexes would comprise schools, hospitals, hotels and shopping malls," he informed.
The company is developing eight hotels in the townships in various star categories with total capacity of about 2,000 rooms. Jaipur project would have a five-star and a three-star hotel.
Chaudhry said: "Other townships will have three-star hotels comprising 200-250 rooms each."
Asked on tie-ups for managing the hotels, he said that talks were going on and the company preferred local entities instead of "some big brands".
As a part of the each township, Fire Capital would also construct seven hospitals, which would have a combined capacity of 1,500 beds, with those in Jaipur and Bangalore being slightly bigger having about 350 beds each.
"As medical tourism is catching up, we have decided to have bigger hospitals in Bangalore and Jaipur," Chaudhry said.
The CEO of the close-ended fund said that all the hospitals would be multi-speciality ones.
"For running the hospitals, we prefer to tie-up with local partners who will have a feel of the region," he said.
Welcoming the proposal of a real estate regulator for Delhi, he said, "for long-term health and sustainable growth of the industry, this should be implemented strictly."
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