Clearwater Capital to invest Rs 100 cr in Ramprastha township
Clearwater Cap will infuse Rs 100 crore in its 600-acre township in Gurgaon.
New Delhi: Real estate firm Ramprastha Group has said that US-based investment firm Clearwater Capital Partners will infuse Rs 100 crore in its 600-acre township in Gurgaon being developed at a cost of about Rs 4,000 crore.
The company has so far launched six group housing projects comprising over 3,000 flats and plans to offer plots in 250 acre next year in its integrated township 'Ramprastha City' located near Dwarka Expressway.
"Clearwater Capital has decided to invest about Rs 100 crore in our township in Dwarka," Ramprastha Chief Executive Officer Nikhil Jain told reporters.
The investment would be in the form of debt, he added.
Clearwater Capital Partners is an investment firm with a 10-year track record of investing in credit and special situations in Asia.
Jain said the company had earlier raised about Rs 150 crore from India Property Fund in the two group housing projects -- Skyz and Rise -- that are part of this township.
India Property Fund, a joint venture between Varnado of US and TCG of India, has picked up 49 percent stake in these two group housing projects.
On the total investment in the townships, Jain said the project cost is about Rs 4,000 crore and this would be largely funded through internal accruals and advances against sales.
Besides group housing and plots, the township would have commercial space and institutional area.
Ramprashtha Group is currently developing over 10 million sq ft area and has land bank for development potential of over 140 million sq ft.
"We have a huge land bank in Gurgaon of about 1,500 acres and we have land in Ghaziabad also," Jain said.
Asked about revenue, he said the group turnover is about Rs 600 crore.