News & Views on Indian Real Estate

Wednesday, May 07, 2008

Red Fort to invest Rs 3,500cr into Indian realty sector

Red Fort Capital, an international private equity fund, is planning to invest Rs 3,500 crore in the country’s real estate sector during the next one year. The money will be invested in real estate projects — commercial, residential and retail — as well as land acquisitions. It has also launched a domestic fund few weeks back through which it plans to raise Rs 1,000 crore. The proceeds would be deployed into non-foreign direct investment projects. Construction has begun for Prestige’s project in Bangalore, Indu project in Hyderabad, Chennai and NCR, Delhi. The company is looking at property investments in about 15 other cities that have high income and employment growth and cheaper land. 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. Red Fort is in the final stages of discussion for investing in budget hotel chains. It plans to capitalize on its existing land bank of over 1,000 acres pan India. It has land in North Mumbai, Kolkata, Pune, Chennai, Hyderabad and Delhi.

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Chennai, India, December 12, 2007 - Red Fort Capital, one of India's leading international private equity real estate firms, will be investing $100 million in Chennai over a period of six months. The investment will be across low to high end residential and hospitality projects. Red Fort Capital has kicked off its activities in Chennai by acquiring residential land in close proximity to Ambattur, an emerging IT hub.

Speaking at the announcement of this strategic decision, Parry Singh, Director, Red Fort Capital Advisors said, “We are extremely excited to announce our foray into the Chennai market. We have already acquired residential land near Ambattur and are looking to invest $ 100 million over a period of six months for housing projects in Chennai. We are already talking to developers and look forward to broadening our investment program here. “

Talking about the future of real estate in markets such as Chennai Mr. G.B Singh, Director, Red Fort Capital Advisors said, “We see a tremendous potential in the real estate sector in Chennai. The quality of infrastructure is continuously improving. Chennai has emerged as an IT hub with a host of software MNCs entering the city. Firms like Red Fort Capital are facilitating this growth by investing in the real estate sector in Chennai.”

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