Private equity firm, Red Fort Capital has invested Rs. 250 crore ($47.65 million) in a slum redevelopment project of Mumbai-based Omkar Realtors in Mumbai’s Malad area..J. Sagar Associates advised Red Fort with a team led by Partner Vivek K Chandy along with Senior Associate Karthik B M..Wadia Ghandy & Co. advised Omkar Realtors with a team led by Partner Dhawal Mehta..Omkar proposes to develop around 1.6 million square feet of residential space as part of the project. The Malad project will have four residential towers and a small office space to be developed at a later stage..According to Dealcurry, this is second project level investment in Omkar in two months. Last month, it raised Rs. 200 crore from IndiaReit Fund Investors for its slum redevelopment project in Worli, Mumbai. The investment is being done through a structured deal, ensuring 100% returns to fund in the next four years..In February, Red Fort acquired 26 percent stake in JV with Ansal Properties for Rs. 200 crore. Before that, it had bought 24.5 percent stake in an upcoming office complex project developed by Parsvanath Developers Ltd at New Delhi’s Connaught Place, for Rs.120 crore.
Private equity firm, Red Fort Capital has invested Rs. 250 crore ($47.65 million) in a slum redevelopment project of Mumbai-based Omkar Realtors in Mumbai’s Malad area..J. Sagar Associates advised Red Fort with a team led by Partner Vivek K Chandy along with Senior Associate Karthik B M..Wadia Ghandy & Co. advised Omkar Realtors with a team led by Partner Dhawal Mehta..Omkar proposes to develop around 1.6 million square feet of residential space as part of the project. The Malad project will have four residential towers and a small office space to be developed at a later stage..According to Dealcurry, this is second project level investment in Omkar in two months. Last month, it raised Rs. 200 crore from IndiaReit Fund Investors for its slum redevelopment project in Worli, Mumbai. The investment is being done through a structured deal, ensuring 100% returns to fund in the next four years..In February, Red Fort acquired 26 percent stake in JV with Ansal Properties for Rs. 200 crore. Before that, it had bought 24.5 percent stake in an upcoming office complex project developed by Parsvanath Developers Ltd at New Delhi’s Connaught Place, for Rs.120 crore.