India's Red Fort commits $162m to Lotus Greens residential projects
Real estate-focused Red Fort Capital is to invest INR10 billion ($162.7 million) in various residential projects being developed by Lotus Greens in the national capital region (NCR) around Delhi.
Red Fort has already committed INR3.65 billion through unsecured non-convertible debentures.
"We will utilize this funding for development of our various projects in Delhi NCR region," Nirmal Singh, founder of Lotus Greens, said. The proceeds will be used to acquire development rights, land parcels, development and construction of township projects by the group.
The GP has previously worked with Singh on projects at realty firm The 3C, where Singh was a director.
Red Fort closed its second real estate fund, focused on residential property, at $500 million last year. Subhash Bedi, managing director at Red Fort Capital, told AVCJ last month that the firm targets the affordable middle class housing segment in its development strategy.
Bedi estimates this covers 33 million people, each making $5,000-25,000 a year, and the segment is growing at about 12% a year, which equates to approximately 3.5 million additional households.
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