Orbit Corp., India’s best-performing real estate stock, plans to raise funds from institutions and a buyout firm to build apartments costing as much as $11 million in a nation with Asia’s second-largest number of billionaires.

Orbit may sell as much as 3.5 billion rupees ($76.3 million) of stock to institutions in the first half of the year, Managing Director Pujit Aggarwal said in an interview. The Mumbai-based developer is close to getting 1.75 billion rupees from a private-equity fund to build 200 acres of luxury villas at Mandwa, 33 kilometers (21 miles) from Mumbai along the Arabian Sea, he said. Orbit shares rose as much as 5 percent to their highest level since June 2008.