Red Fort Capital invests Rs 365 cr in Lotus Greens Developers
By PTI | 19 Sep, 2013, 06.22PM IST
Lotus Greens Developers today said it has raised Rs 365 crore from private equity firm Red Fort Capital for the development of housing projects.
NEW DELHI: Real estate firm Lotus Greens Developers today said it has raised Rs 365 crore from private equity firm Red Fort Capital for the development of housing projects in the national capital region.
Lotus Green Developers has recently been founded by Nirmal Singh, one of the promoters of another realty firm The 3C and its Vice Chairman P Sahel, who has worked for more than 16 years in realty companies like Jones Lang LaSalle and DLF.
"Red Fort Capital has invested Rs 365 crore in our company in the form of unsecured non-convertible debentures (NCDs). The funds will be utilised for the development of one or more residential projects in the NCR," Lotus Greens Developers Pvt Ltd Vice Chairman Sahel P said.
The project will be launched in the next few months, he said, refusing to disclose any further details.
Sahel said Red Fort Capital would not acquire any stake in the company.
To begin with Noida-based Lotus Greens will be coming up with real estate projects, primarily residential, in Delhi NCR region. The group has plans to develop commercial, hospitality, health care and education projects.
Red fort Capital is the one who does funding for 3C's and same it's doing for Lotus . Where as Lotus is parent company. As far Big Question every one is having is Lotus Project, This Upcoming Township is JV between Orris & Lotus . Where Orris already taking booking . Check DTCP Licence is dere.
sanjay bakshi... i would suggest that you wait for more information from the developer before handing over a cheque... also, you should check on a project called "kohana floors", wherein orris had sold some units in the last year... i think those were part of Orris's share of the FSI, so could be a good comparable...
no track record as of now, except that of the promoters... Nirmal Singh, ex-CFO of Unitech (manoj popli), some senior level guy from JLL, and one other chap who has worked for pretty much every developer in Gurgaon (achal raina)... recheck the names... you could google them... seems like a strong team..
as for whether they are cash rich or not... no one knows... as the information is not public, nor does it need to be... so these would all be speculations...
personally would still like to keep this in my radar and wait for the official launch, and more information is available regarding the project.