ASK Property invests ₹150 cr in Pune projects

Our Bureau Mumbai | Updated on January 23, 2018

The private equity arm of financial services firm ASK Group, ASK Property Investment Advisors (ASK PIA), has announced a commitment of ₹150 crore across two projects in Pune.

Both these projects are expected to generate revenues of around ₹1,000 crore. Of these investments, ₹80 crore is deployed in Kumar Properties’ residential project (eight lakh sq ft) and ₹70 crore in Naiknavare Developers’ residential project Avon Vista (6 lakh sq ft).

While the former investment is from the ASK PIA’s offshore fund, the latter has been deployed from its recently launched ASK Real Estate Special Situations Fund-I (ASK RESSF-I).

Kumar Properties’ project of over 600 units offering 2-3 BHK units caters to the middle income segment in terms of ticket size.

The group, which manages assets of over ₹35500 crore across seven offices in India, said in a statement that the latest investments were in line with ASK PIA’s strategy of providing flexible and patient capital to developers to ensure project execution.

Sunil Rohokale, MD & CEO, ASK Group, “At ASK Group, we take special care to minimise risk while delivering superior returns anchored on values of discipline, focus and synergistic approach aimed at achieving investor trust. An improvement in macro-economic conditions is likely to boost overall sentiments and confidence of home buyers and drive the revival in residential demand.”

Amit Bhagat, MD & CEO, ASK PIA, said, “Pune continues to garner interest from several domestic and multinational companies to set up and expand operations here. Pune has an advantage of proximity to financial centres and it is also the favourite destination for IT and manufacturing companies. Our focus on established suburbs and partnering with developers focussed on product and customer centricity continue to be our differentiators.”

Published on January 23, 2018

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