Red Fort has picked up a 50% stake in the project being contructed by the 3C Company.
Real estate firm 3C Company has raised private equity funding of Rs 150 crore from Red Fort Capital for its residential project in Greater Noida, Uttar Pradesh.
The project size is estimated to be Rs 1,550 crore and Red Fort has picked up a 50% stake in the project. 3C has constructed over 12 million square feet of commercial projects.
Called Lotus Boulevard, the project spreads over 40 acres of land and will have 3,000 residential units. Lotus Boulevard is likely to be completed in the next five to six years time.
The first phase will have around 900 residential units and would be completed in the next two years time.
Industry expects that with the revival of global economic downturn and demand for residential space, real estate investments at the project level will pick up.
Red Fort Capital has invested over $400 million across 10 deals in India across residential, commercial, logistics and hospitality assets. In June, Red Fort Capital had acquired an 18% stake in a luxury residential project of Parsvnath Developers in Delhi for Rs 90 crore.
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