Realtor Casagrand raises Rs.400-Cr from Varde Partners

US-based Varde Partners has invested INR 400 crore in Chennai-based real estate developer Casagrand to purchase land for development. The builder has already drawn down INR 200 crore. The builder is in talks to buy a 45-acre land parcel at Kelambakkam Road, Chennai from a Dutch firm (at over INR 3 crore per acre). Casagrand is looking to develop a mid-income multi-storey apartment project on the Kelambakkam road, priced upwards of INR 4,000 per sq ft.