Fire Arcor to construct 6,400 houses at $250 mn

NEW DELHI: Real estate firm Fire Arcor Infrastructure on Sunday said it will develop 6,400 housing units at $250 million (over Rs 1,185 crore) over the next five years at an integrated township in Nagpur.

Fire Arcor Infrastructure -- a joint venture between realty private equity fund Fire Capital and Arcor Group -- will develop affordable housing, villas and plots in the proposed township The Empyrean, where the PE fund has a 75 per cent stake.

"We will develop the project in two phases and in the first phase 400 units will be completed within the next 18 months. The rest 6,000 units will be finished later in five years," Fire Capital Chief Executive Officer Om Chaudhry told PTI.

The PE firm has already closed the fund after it had raised the money from the US.

"The company will invest USD 250 million for constructing the project ... This will be mainly internal accruals and little bit of debt," he said.