PORT LOUIS, Mauritius, Nov. 12, 2010 /PRNewswire/ -- Red Fort Capital and Parsvnath Developers Ltd. announced today the launch of a 5 million s.f. residential and mixed-use project in the heart of New Delhi. Located on a 38-acre parcel convenient to the Connaught Place central business district, the project is New Delhi's largest integrated mixed-use project. The project was secured from India's Rail Land Development Authority (RLDA) for a consideration of $360 million.
The marquee project offers premium home buyers over 3 million s.f. of world-class residential design, luxurious appointments, abundant green space and a prime New Delhi address. In addition, over 500,000 s.f. of mixed-use space – including retail, office, hotel and health care facilities – will enable the project to become a landmark destination in New Delhi. The project also includes civic facilities and redevelopment space allocated to the RLDA.
Red Fort Capital, a leading private equity real estate firm focused on India, has invested in residential, office and mixed-use projects throughout India's Tier 1 cities. Mr. Parry Singh, Managing Director of Red Fort, states that, "Red Fort and Parsvnath are pleased to announce this landmark 38-acre project, which will redefine urban living in New Delhi. Together, we will develop the project according to international mixed-use urban standards and establish a new benchmark for urban India."
New Delhi is currently a supply-constrained residential market, with limited new supply and abundant low-rise housing stock. Mr. Subhash Bedi, Managing Director of Red Fort elaborates that, "New Delhi lacks integrated township supply. Today's residential buyers are becoming increasingly sophisticated and expect global design and quality, and this project will offer end-users an integrated live, work and play environment with extensive amenities."
Mr. Pradeep Jain, Chairman of Parsvnath, confirms that, "Together, Parsvnath and Red Fort Capital will develop a world-class urban destination in the heart of New Delhi, modeled after international mixed-use offerings. The project is a well-connected hub from day one, with strong infrastructure access and close proximity to Connaught Place."
About Red Fort Capital
Red Fort Capital is a leading private equity real estate firm focused on India. The firm's global institutional investors include sovereign wealth funds, pension funds and insurance companies. Red Fort Capital received GIREM's 2010 "Investor of the Year" Leadership Award, and PERE magazine ranked Red Fort Capital as a "Top Ten Emerging Manager" worldwide in 2008. For further information about Red Fort Capital, please visit www.redfortcapital.com.
SOURCE Red Fort Capital