Real estate private equity firm Red Fort Capital has formed yet another venture with Delhi-based realty company Parsvnath Developers. The two firms have jointly bid to to develop 5 million s.f.
residential and mixed-use project on a 38-acre parcel near the Connaught Place central business district. The project was secured from India’s Rail Land Development Authority (RLDA) for a
consideration of $360 million.
The project will offer home buyers over 3 million s.f. of residential property along with over 500,000 s.f. of mixed-use space which will include retail, office, hotel and health care facilities.
“New Delhi lacks integrated township supply. Today’s residential buyers are becoming increasingly sophisticated and expect global design and quality, and this project will offer end-users an integrated live, work and play environment with extensive amenities,” said Subhash Bedi, Managing Director of Red Fort.
Parsvnath last month sold a 24.5% stake for Rs 120 crore in its upcoming office complex project in Delhi’s Connaught Place to Red Fort Capital.
Red Fort last year invested in a residential project of Parsvnath in New Delhi. The developer raised a total of Rs 115 crore from Red Fort for 22% stake in ‘Parsvnath La Tropicana’, a group housing project of the company in north Delhi.