Red Fort Capital, an India-focussed private equity (PE) firm, on Thursday announced a Rs 200-crore investment to pick up an undisclosed stake in a residential housing project to be developed by Noida-based real estate firm, 3C Company. The funds will be used to develop around 3,500 apartments in the project, spread across 41 acres at Sector 110 in Noida. ET was the first to report the news in its edition dated February 3. Although the exact stake picked by Red Fort Capital could not be ascertained, a senior executive in the real estate sector familiar with the development said the PE firm bought around 50% equity in the project. The total investment in the project, ‘Lotus Panache’, scheduled to be completed by 2014, is estimated at Rs 2,400 crore. This is Red Fort Capital’s second investment in a residential project that is being developed by 3C Company. Last year, it had picked up a 50% stake in Lotus Boulevard project of 3C Company in Noida, where the total project cost was in the range of Rs 1,500-1,600 crore. Subhash Bedi, managing director at Red Fort, said: “The real estate sector is showing signs of pick-up, but investors are selective about choosing projects.” Vidur Bharadwaj, director of 3C Company, added: “Lotus Panache is the third of our ongoing residential projects which are being developed as green buildings.”
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PE Firm Red Fort to Invest in Greater Noida Project
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