Real estate firm Red Fort to invest Rs 3,500 cr

"We will be investing Rs 3,500 crore in various real estate projects in different parts of the country during the next two-and-a half years," the company's Director, Parry Singh, said.

The company is in the process of raising this second international fund of Rs 3,500 crore and would close in the second-half of 2008, he said.

 

Currently, the company is investing from its first international fund of Rs 1,500 crore, raised in 2006 from institutional investors.

The company would develop the projects mainly in Tier I and II cities. "We are open to opportunities. Mainly, we would focus on Tier I and II cities. However, we are open to develop projects in Tier III destinations as well," he said.

Red Fort invests in development projects across all its stages such as land acquisition, development, sales and marketing and maintenance. It also invests in low-cost housing projects across the country.