Red Fort Capital, a private equity real estate fund, has invested in a Delhi project of real estate firm Parsvnath Developers Ltd. Red Fort has picked up an 18% stake for Rs 90 crore in Parsvnath Landmark Developers Pvt Ltd (PLDPL), a wholly owned subsidiary, the real estate firm said in a release. The investment by Red Fort is in a residential group housing project called 'Parsvnath La Tropicana' at Khyberpass, Civil Lines, Delhi.

The project is expected to be completed in next three years and generate revenues of Rs 1,300 crore. The project is spread over an area of 16.84 acre. The project by Parsvnath will offer 3, 4, and 5 bedroom units and also villas and penthouses. 

"Our investment demonstrates our continued commitment to provide execution capital for residential projects in prime locations in India's major metro markets," said Parry Singh, Managing Partner at Red Fort Capital.

Investor interest is increasing in India's real estate markets as home sales have started rising in certain markets. A recent survey of 25 real estate firms by Associated Chambers of Commerce and Industry of India (Assocham) said that 88% see a quick revival within the next three months. 

Real estate majors like DLF, Unitech and Indiabulls Real Estate have together mopped up around $1.5 billion from equity sales in public markets recently. Project level funding is also showing signs of improvement. Late last month, Sobha Developers said that it's raising Rs 225 crore from Purna Partners, a private equity fund, at the SPV level. Before that SUN Apollo Ventures acquired a 15% stake in Keystone Realtors, Mumbai based real estate developers, for Rs 300 crore in May.

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