Red Fort Cap to invest $425 mn in Indian properties

October 16, 2007	(Be the first to rate this story!)  Loading ...
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Red Fort Capital, a private equity firm, will invest $425 million in Indian property market. The company has entered into a joint agreement with the Prestige Group to develop a residential project in Bangalore.

Of total investment, the firm will invest $255 million in five projects including the destinations like Chennai, Bangalore and Hyderabad, says Parry Singh, Managing Director, Red Fort India Real Estate Fund.

In addition to these realty projects, Red Fort Capital (RFC) has also tied up with the Prestige Group for a $250 million Township project in Bangalore.

The initial investment will be of around $180 million, where RFC will invest around $80 million and the remaining amount will be borne by the developer. However, RFC has not yet decided about the final investment.

The proposed Township will have 1,000 units of low cost mass housing for Rs 1,100 per sq ft to be spread over 25 acre of land.

The Township will cater to the requirements of both commercial and residential sector, adds Singh.

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