By Vipin Agnihotri
Red Fort Capital, an international private equity real estate firm, is all set to launch a Rs. 800 crore domestic real estate fund in the starting of 2008. According to sources, it will be targeting high net worth individuals and corporates. Initial indications are that the fund would be used for redevelopment of existing projects, non-FDI projects and acquisition of lands.
Parry Singh, Director, Red Fort Capital Advisors addressing a press conference said that the company has brought in Rs. 1,600 crore through the foreign direct investment (FDI) route. Of this, it had so far invested Rs. 1,200 crore in number of projects. At present, the company had decided to invest Rs. 400 crore in Chennai alone over six months.
Point to be noted here is that the investment would be across low-to-high end residential and hospitality projects. It is worth mentioning in this regard that Red Fort Capital had begun its routines in Chennai by getting residential 10 acres land at Ambattur. Development work on this land would begin soon. Company is scouting for a real estate developer for developing the project.
Earlier, Red Fort Capital had invested in 100 acres of land at Sriperurmbudur near Chennai for developing low cost apartment with the assistance of pre-fabricated materials and each flat would cost less than Rs. 10 lakh. At this moment of time, the company is holding a land bank of 1,100 acres across the country.
In my opinion, there is a tremendous potential in the real estate sector in Chennai. With the quality of infrastructure continuously improving, no one is going to argue with the fact that Chennai has emerged as an IT hub in the country. Firms such as Red Fort Capital are facilitating this growth by investing in the real estate sector in Chennai
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