Red Fort Capital Advisors, a real estate equity firm, will invest Rs 3,500 crore in residential and hospitality projects across the country, including Rs 700 crore in Chennai.
The Mauritius-based equity firm has so far parked around Rs 1,000 crore in residential and commercial projects in Chennai, Bangalore, Hyderabad, Kolkata, Mumbai and Pune. The company is looking at property investments in about 15 other cities that have high income and employment growth and cheaper land.
Kuldip Chawlla, director, Red Fort Capital Advisors, said the company plans to build affordable flats costing Rs 15 lakh-Rs 40 lakh. These flats will have an area ranging from 900 sq ft to 1,200 sq ft.
The company will target the middle income groups, earning between Rs 6 lakh and Rs 11 lakh per annum.
Red Fort will develop the low-cost houses in partnership with the Bangalore-based Prestige Group and Hyderabad-based Indu Project and will have around 40-80 per cent stake in the projects.
The investors in Red Fort Capital include international governments, pension plans, insurance companies, foundations and endowments.
The company bought 10 acres at Ambattur, an emerging IT hub in Chennai, to build residential flats and invested in 100 acres of land at Sriperumbudur near Chennai for developing low-cost apartments, according to Chawlla.
This is in addition to Rs 700 crore set aside for various projects across the city. Red Fort had launched a domestic fund worth Rs 1,000 crore last month to finance low-cost real estate projects in key urban areas. Investors will get 30 per cent interest per annum, he added.
Red Fort to invest Rs 3,500cr via FDI route
No comments:
Post a Comment