Red Fort Capital Joined Hands With Godrej Properties

Red Fort Capital, a private equity fund focused on real estate development, is in advance stages of negotiations with six developers for an equal number of projects worth Rs 4,000 crore in the metros across India.
The PE fund joined hands with Godrej Properties to develop an IT park in Kolkata, where Red Fort Capital has picked up 49 % stake. The project, Godrej Genesis, is expected to generate sales of over Rs 750 crore.
“We are in the process of closing a number of transactions in the NCR, Mumbai and Bangalore. We are currently talking to six different developers in these cities,” Red Fort Capital Director Kuldip Chawlla said.
Without divulging names of the possible builders, he said three of them are ‘big national developers’, while the rest are local players.
The company currently is evaluating one residential and one commercial project in each city, where the fund would pick up stake between 30 % and 80%, he added.
“The total project cost of all the six properties could be over Rs 4,000 crore. These projects will be developed in the next 2-4 years,” Chawlla said.
Elaborating on its IT park project in Kolkata, Chawlla said ‘Godrej Genesis’ would have a developable area of over one million sq ft.
“This is our first project in Kolkata. Already many domestic as well as international IT firms have shown their interests to set up offices in the complex,” he added.

This entry was written by admin, posted on July 30, 2008 at 6:30 am, filed under Real Estate News and tagged , , , , , , , , , . Bookmark the permalink. Follow any comments here with the RSS feed for this post. Trackbacks are closed, but you can post a comment.

One Comment

  1. Vikas Bamotra
    Posted August 5, 2008 at 6:16 am | Permalink

    Godrej Properties was established in 1990 as a real estate development company within the Godrej Group of businesses. The company was originally incorporated as Sea Breeze Constructions and Investments Private Limited on February 8, 1985. The company’s name was changed to Godrej Properties and Investments Private Limited on July 2, 1990 and subsequently to Godrej Properties Limited on November 23, 2004. Since 1897, customers have trusted Godrej to deliver innovation and excellence across a broad spectrum of services and products.

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