Private equity firm Red Fort Capital plans to invest about Rs 2,700 crore in real estate by 2009, including acquisition of 2,500 acres of land in over 20 cities across the country.
“By 2009 we will have invested about Rs 2,700 crore in development projects in Indian real estate. Of which, about 70 per cent will go toward acquiring 2,000-2,500 acres of land in suburbs of metros and Tier II cities,” Red Fort India Real Estate Fund's Managing Director Parry Singh said.
The company will develop properties worth Rs 12,000 crore, he said, adding “… the respective developers will also invest their share of the remaining equity amount on a project-by-project basis.” (The Hindu)