Omshakthy-Fire Capital sets up Joint Venture firm for residential project
The JV firm "Omshakthy Fire Realty (Private) Limited" would construct four million sqft residential property in the western part of the city in a 75 acre area with an investment of Rs 700 crore.
Talking to reporters here, Omshakthy CMD R Ramachanthran and Fire Capital Founder and CEO Om Chaudhry said the location of the project would be announced in two month's time.
The Township project comprised of 700 developed plots, 300 mid-sized apartments and 300 duplex twin houses.
''It will offer a fair mix of choice for the customers to decide,'' they said, adding, while the land and construction would be taken care of by Omshakthy, the funding would be from Fire Capital, which is India's first private equity fund in the real-estate segment.
''The funding will be a mix of equity and internal accruals,'' Mr Chaudhry said.
The JV is a special purpose vehicle formed only for the 75 acre project and once it was completed the company would look into other projects.
''This is just the beginning. We will roll out more and more projects once township project is completed in three years,'' he said.
The JV would be concentrating on residential space and there was more demand in this segment following the growth of IT and ITES companies, Mr Chaudhry said. (UNI -Posted on / )
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