Bangalore-based Fortuna Projects India has formed a special purpose vehicle with HDFC Property Fund for two of its projects to be launched in the next few months.

Mr S.V. Naresh Kumar, Chairman and Managing Director, Fortuna Projects India Pvt Ltd, told Business Line that HDFC Property Fund has picked up a 21 per cent stake in the SPV, Fortuna Urbanscapes, for Rs 50 crore. “We are doing two projects with HDFC Property Fund in Bangalore. The total turnover from these projects is estimated to be Rs 650 crore to Rs 700 crore,” he said.

Fortuna North City, spread over 16.5 acres, would see development of 2.1 million sq ft near Yelahanka. This would comprise a business park, 5 lakh sq ft, a hotel, with 162 keys, and 1.4 million sq ft of residential space. The company would develop 2,000 apartments, three bedroom units have been priced at Rs 75 lakh, while duplex flats would be available at Rs 1.5 crore. “We are talking to international hospitality operators for managing the hotel,” said Mr Kumar.

The other project, Fortuna Windflower, would come up on 4.5 acres at Sahakar Nagar. This would see development of 360 apartments, priced at Rs 5,000/sq ft.

According to Mr Kumar, land for these projects has been fully paid for. While Fortuna North City would be launched in June this year, Fortuna Windflower would be launched in April. “The projects would be completed in three years from the date of approval,” he said.

Fortuna Projects, which has completed 2 million sq ft in Bangalore, has 1.5 million sq ft development in the pipeline. The company also plans to launch another SPV, Fortuna Buildcon India, for its projects in East Bangalore, and is in talks with private equity players. “We plan to launch 4 million sq ft in 2012-13, and we plan to raise Rs 150 crore for these projects,” said Mr Kumar.

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