Red Fort boosts 3C Gurgaon project with $30m

The project, which is in the design stages, will involve the development of luxury apartments on a 47.5 acre site in Gurgaon by Noida-based 3C.

Red Fort Principal Kuldip Chawla confirmed that the deal had taken place. The investment is thought to have been channeled via Red Fort's second real estate fund, which recently announced a final close on $500 million.

LPs from overseas provided the capital for the vehicle, which will focus on Indian residential properties. It held a first close on around $80 million in April 2011.

Red Fort previously invested in another residential project being developed by 3C in in Noida, Uttar Pradesh. The investment, which took place in February 2010, was somewhere between $21.4-28 million for a 50% stake in the whole project.

Demand for housing remains buoyant in India, and property consultancy Jones Lang LaSalle predicts that the proportion of residential investments will increase from 50% to 70% over the coming years. However, in order for investment to continue, sufficient returns will need to be generated to satisfy the LPs which put their faith in asset class circa 2005.

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