Bengaluru-based realty firm Ferns Estates & Developers has forayed into hospitality business and will invest Rs 700 crore over the next three years to construct five resorts in Karnataka and Tamil Nadu, its top official said. The company has already delivered 23 real estate projects comparting 15 million sq ft area. It is developing 3.3 million sq ft area across four projects, one of which is in partnership with Prestige group. "We are entering into resort and leisure hospitality through new company 'Rosetta by Ferns' as there is huge opportunity in this business.