Fire Capital Fund form JV to devlop a township in Chennai

Fire Capital Fund Mauritius Pvt Ltd, is planning to develop five township projects in various parts of the country in next few years.

The $121-million (around Rs 596 crore) fund would enable the company to invest around $200 million (around Rs 983 crore) including co-investment options, in the Indian real estate business.

Fire Capital Fund, which focuses on suburbs of metro cities and the tier-2 cities to set up large-scale projects in satellite urban villages, currently has a 700-acre project in Jaipur, a 230-acre project in Bangalore, a 152-acre project in Nagpur, and a 139-acre project in Indore.

It has entered into a 50:50 joint venture with Omshakthy Agencies, Omshakthy Fire Reality Pvt Ltd, to develop a 4 million sft township project in 75 acre in Chennai, which would have a total investment of Rs 700 crore. The joint venture project would have around 1,300 housing units,