By Aditi Shah and Indulal PM
MUMBAI (Reuters) - Private equity firm Sun-Apollo will invest up to $50 million in projects developed by Indian real estate company Sobha Developers , sources with direct knowledge of the matter told Reuters.
The investment will be on a project basis, and Sun-Apollo will invest 20-25 percent of its commitment in the first project, one of the sources said.
Executives at Sobha and Sun-Apollo could not immediately be reached for comment.
Sobha, based in Bangalore, has built more than 51 million square feet of homes and offices since its inception in 1995.
Sun-Apollo, a joint venture between India's Sun Group, controlled by the Khemka family, and U.S.-based AREA Property Partners, formerly called Apollo Real Estate Advisors, raised more than $600 million in 2006 to invest in real estate projects in India.
In December 2011, it invested about 450 million rupees in a subsidiary of Mumbai-based Godrej Properties .
Private equity investments in real estate fell 44 percent in the September quarter to $394 million from $726 million a year earlier, according to Venture Intelligence, an industry data tracker.
(Editing by Ranjit Gangadharan)