Red Fort Capital to seal 6 realty projects

New Delhi: Red Fort Capital, a private equity fund focused on real estate development, is in advance stages of negotiations with six developers for an equal number of projects worth Rs 4,000 crore in the metros across India.

The PE fund today joined hands with Godrej Properties to develop an IT park in Kolkata, where Red Fort Capital has picked up 49 per cent stake. The project, Godrej Genesis, is expected to generate sales of over Rs 750 crore.

'We are in the process of closing a number of transactions in the NCR, Mumbai and Bangalore. We are currently talking to six different developers in these cities,' Red Fort Capital Director Kuldip Chawlla said.

Without divulging names of the possible builders, he said three of them are 'big national developers', while the rest are local players.

The company currently is evaluating one residential and one commercial project in each city, where the fund would pick up stake between 30 per cent and 80 per cent, he added.

'The total project cost of all the six properties could be over Rs 4,000 crore. These projects will be developed in the next 2-4 years,' Chawlla said.

Elaborating on its IT park project in Kolkata, Chawlla said 'Godrej Genesis' would have a developable area of over one million sq ft.

'This is our first project in Kolkata. Already many domestic as well as international IT firms have shown their interests to set up offices in the complex,' he added.