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RED Fort Capital, an India-focused private equity (PE) firm, which invests in the real estate sector, is picking up around 50% stake in a Rs 1,000-crore residential project in Noida being developed by realty firm 3C Company, said two persons familiar with the matter.

   Although the exact deal amount could not be verified, one of the persons familiar with the development said Red Fort Capital is investing around Rs 100-130 crore towards the equity capital of the special purpose vehicle that owns the project.

   “The investments will go towards developing 3,500-4,000 apartments in the project named Lotus Panache located at Sector 110 of Noida. The project is spread across 41-acre land in Noida,” said another person on condition of anonymity.

  The project, expected to be launched shortly, would be funded by individual property buyers. The initial investment made by Red Fort and 3C Company would be used for acquiring land. Executives of Red Fort Capital refused to comment on the development, while an e-mail sent to 3C Company did not elicit any response. This would be Red Fort Capital’s second investment in a residential project that is being developed by 3C Company. Last year, the PE firm had picked up 50% stake in Lotus Boulevard project of the realty firm in Noida, where the total project cost was estimated to be in the range of Rs 1,500-1,600 crore.

   Privately-held Rs 200 crore 3C Company has developed over 12 million square feet of commercial projects, including Wipro’s Gurgaon campus and Patni Computer Systems’ Noida office.

   The real estate sector in India was among the biggest casualties of the global economic downturn as buyers kept away from the market and banks became skittish about lending.

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