ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of the ASK group, has invested ₹200 crore in Kalpataru Group’s mid-income housing project in Baner, Pune.
This is an ongoing mid-segment residential project spanning across 16 acre with a saleable area of about 1.9 million sq ft and comprising over 1,200 units spread across 1-3 BHK homes.
Amit Bhagat, Chief Executive Officer and Managing Director at ASK PIA said, “This is our 14th project in Pune, and with this investment the ASK group has now invested in projects spanning across 12 million sq ft including over 8,500 residential units, a city-centric office space and IT-SEZ in Pune. The project is in line with our strategy of providing funds to mid-income housing projects for mid/last mile execution and completion”.
“This is our maiden exposure to the Kalpataru group and the group fulfils our criteria of strong brand reputation, in-house quality construction capabilities, and timely project delivery track record,” he added.
Baner is a residential neighbourhood with established social and physical infrastructure and is also in proximity to the Mumbai–Bengaluru Highway (NH-48). It has also grown as an IT employment hub with about 13 million sq ft of IT parks and office complexes, including RMZ Icon and Panchshil Business Park.
Sunil Rohokale, Managing Director and Chief Executive Officer ASK Group said, “The last couple of years have witnessed a consolidation of demand for homes to reputed, execution-focused and large-scale developers. Affordable and mid-income housing has seen a substantial recovery and prices have bottomed out in the last one year which has also led to sustainable demand”.
“Decade-low home loan rates, concessions in stamp duty and premiums, and flexibility by developers have increased the affordability for house purchase. Thus, all the affordable and middle income nearing completion projects located in growth corridors and having achieved financial closure would see a significant advantage,” he added.