PORT LOUIS, Mauritius, June 7 /PRNewswire/ -- Red Fort Capital announced today that the firm's affordable housing portfolio has generated revenues in excess of $450 million with over 4,000 units sold since mid-2009. The firm is currently harvesting investments in three affordable housing projects located in India's National Capital Region and Chennai.
Mr. Subhash Bedi, Managing Director of Red Fort Capital, explains that "Demand for Red Fort's value-oriented projects has proven to be end-user driven and based on India's robust long-term growth trends including sustained 6-8% annual GDP growth, increasing urbanization, job creation across sectors and a burgeoning middle class with high savings and net worth."
Over the past year, Red Fort has launched KG Signature City by KG Builders in Chennai as well as Lotus Boulevard and Lotus Panache by The 3C Company in India's National Capital Region. These three value-oriented projects encompass 80+ acres including over 11 million square feet of residential space. Red Fort's affordable residential units include a mix of two, three and four bedroom options attractively priced from $50,000 to $125,000. The success of these projects is attributable to Red Fort's abilities to identify supply constrained micro-markets and enter transactions with attractive at-cost land pricing that enables affordable end-user pricing.
Mr. Parry Singh, Managing Director of Red Fort Capital, states that "We are delighted that the market and thousands of satisfied customers recognize that Red Fort's projects offer expedited delivery timelines and enhanced product quality. Our local development partners have demonstrated track records, and our value-oriented projects offer India's middle-class buyers a range of benefits including proximity to established neighborhoods and in-place infrastructure."
According to Mr. Vidur Bharadwaj, Director of The 3C Company, "The strong relationship between The 3C Company and Red Fort has provided buyers with further confidence in our accelerated delivery schedules." Mr. Kishorkumar Gokaldas, Chairman of KG Builders, confirms that "Since launch in March 2010, we have witnessed steady price appreciation and customer demand for our Red Fort-sponsored KG Signature City project near downtown Chennai, due to our strong brand presence and highly attractive location."
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. 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