Delhi-based private equity real estate firm Red Fort Capital will be investing $ 100 million (Rs 400 crore) in Chennai over a period of 6 months. The investment is planned for the low to high-end residential and hospitality projects.
Already the company has acquired a 10-acre land in Mogappair for middle class housing with construction to begin in October next year.
Initially, 800 units are being visualised to be developed in partnership with a developer. The number will be later scaled to 1,600 units, Managing Director, Parry Singh, told mediapersons here on Wednesday.
“We are already talking to developers and look forward to broadening our investment programme,” he said.
Red Fort funds and provides technical expertise to developers for real estate projects. It is currently managing a FDI Fund of $ 400 million (Rs 1,600 crore) funded by FIIs.
The FDI fund is financing the development of the residential townships in the country. Red Fort has so far invested $ 300 million (Rs 1,200 crore) for township projects in Bangalore, Hyderabad and part of it in Chennai.
This is in addition to the $ 100 million planned in the metro. Red Fort is also exploring opportunities for financing a low-cost housing project in Sriperumbudur.
“Red Fort is launching a domestic fund worth $ 200 million (Rs 800 crore) with investments from high networth individuals and corporates in March next year,” said Director, G B Singh, Red Fort Capital Advisors.
This would finance land acquisitions and redevelopment projects in city centres which are small. Source: newindpress