India’s first real estate-focused private equity fund, Fire Capital Fund, has made a first-of-its-kind debut into real estate development with the launch of Astrum Homes Pvt Ltd, a real estate company targeting middle and upper income customers in tier II and III cities.
This new launched FDI-backed realty firm, which is already in partnership with leading North American investment and real estate firms, including the Miami-based Related Group, plans to invest Rs 6,000 crore in the next four years on developing 32,000 houses in pan-India.
Mr. Om Chaudhary, Chairman, Astrum Homes Pvt Ltd,said “FIRE Capital Fund is entering a new arena of house development with the sole motto of nurturing our vision ‘Quality Living For All’. India would require at least 3 crore houses by 2012, now look at the shortage of residential units. We are just looking at the amount of demand and supply gap in tier II and III cities. Our aim is to cater quality housing to the middle income segment in these cities, maintaining transparency.”
The Astrum Homes Pvt Ltd announced the launch of 2 township projects in Amritsar and Panipat. While Amritsar project, spread across 32 acres, has an investment outlay of about Rs 300 crore and built up area of 12 lakh sq ft, Panipat project will have apartments totaling about 8 lakh sq ft with an investment of Rs 200 crore.
Amritsar and Panipat projects will offer high-rise apartments spread across an area of 1,200-1,800 sq ft, which will be priced at Rs 2,000 per/sq ft, with added amenities like club house, restaurant, school, shopping centre, sports complex, parking and 70% of green space. The firm have a total development target of 4 crore sq. ft in the next five years.
The firm is investing Rs. 700 crore to develop large format integrated townships spread across 1,300 acres in Jaipur, Ahmedabad, Indore, Nagpur, Bengaluru and Chennai.
Mr. Jorge M Perez, Vice Chairman, Astrum Homes said, “For the next 20 years, there is zero doubt about the booming real estate real demand in tier-II cities in India. We have a clear vision of creating affordable housing in India.”
About Astrum Homes…!
Headed by Mr. Om Chaudhary, Chairman and CEO, Astrum Homes, its board of directors include Mr. Jorge Perez, Founder & Chairman of The Related Group; Mr.Michael B Targoff, Chief Executive Officer, Loral Space and Communications Inc; Mr. Jon Halpern, MD & CEO of Halpern Real Estate Venture; and Mr. James J Grogan, COO of International Capital Investment Company.
This new launched FDI-backed realty firm, which is already in partnership with leading North American investment and real estate firms, including the Miami-based Related Group, plans to invest Rs 6,000 crore in the next four years on developing 32,000 houses in pan-India.
Mr. Om Chaudhary, Chairman, Astrum Homes Pvt Ltd,said “FIRE Capital Fund is entering a new arena of house development with the sole motto of nurturing our vision ‘Quality Living For All’. India would require at least 3 crore houses by 2012, now look at the shortage of residential units. We are just looking at the amount of demand and supply gap in tier II and III cities. Our aim is to cater quality housing to the middle income segment in these cities, maintaining transparency.”
The Astrum Homes Pvt Ltd announced the launch of 2 township projects in Amritsar and Panipat. While Amritsar project, spread across 32 acres, has an investment outlay of about Rs 300 crore and built up area of 12 lakh sq ft, Panipat project will have apartments totaling about 8 lakh sq ft with an investment of Rs 200 crore.
Amritsar and Panipat projects will offer high-rise apartments spread across an area of 1,200-1,800 sq ft, which will be priced at Rs 2,000 per/sq ft, with added amenities like club house, restaurant, school, shopping centre, sports complex, parking and 70% of green space. The firm have a total development target of 4 crore sq. ft in the next five years.
The firm is investing Rs. 700 crore to develop large format integrated townships spread across 1,300 acres in Jaipur, Ahmedabad, Indore, Nagpur, Bengaluru and Chennai.
Mr. Jorge M Perez, Vice Chairman, Astrum Homes said, “For the next 20 years, there is zero doubt about the booming real estate real demand in tier-II cities in India. We have a clear vision of creating affordable housing in India.”
About Astrum Homes…!
Headed by Mr. Om Chaudhary, Chairman and CEO, Astrum Homes, its board of directors include Mr. Jorge Perez, Founder & Chairman of The Related Group; Mr.Michael B Targoff, Chief Executive Officer, Loral Space and Communications Inc; Mr. Jon Halpern, MD & CEO of Halpern Real Estate Venture; and Mr. James J Grogan, COO of International Capital Investment Company.
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