Private equity firm Red Fort Capital has picked up an additional 4% stake in ‘Parsvnath La Tropicana', a residential group housing project being developed by real estate major Parsvnath Developers in Delhi. Red Fort Capital has invested Rs 25 crore for this additional stake.
Earlier in June 2009, the PE firm picked up an 18% stake for Rs 90 crore in the project. The project is expected to be completed in next three years and generate revenues of Rs 1,300 crore. It is spread over an area of 16.84 acre, and will offer 3, 4, and 5 bedroom units and also villas and penthouses.
Parry Singh, managing partner, Red Fort Capital stated that the follow on investment in La Tropicana project implies the company’s confidence in the project. “Its excellent location is a potential to build La Tropicana a world class development in north Delhi,” said Singh.