ASK Group firm invests Rs. 150 crore in 2 real estate projects in Pune
ASK Property Investment Advisors (ASK PIA), part of financial services firm ASK Group, on Tuesday said it has committed Rs. 150 crore across two projects in Pune. Of this, Rs. 80 crore is for Kumar Properties’ residential project and Rs. 70 crore for Naiknavare Developers’ residential project Avon Vista. The investment in Kumar Properties is from ASK PIA’s offshore fund and in the Naiknavare Developers is from its recently launched ASK Real Estate Special Situations Fund-I.
The projects are expected to together generate revenues of around Rs. 1,000 crore. The Kumar Properties project in Pune’s Hadapsar has over 600 units and caters to the middle income segment. In the second investment, Avon Vista is an approved middle-income focused residential project with over 500 units, close to the IT corridor of Hinjewadi.
ASK Group has raised Rs. 492 crore ($82 million) for its maiden offshore fund and ASK PIA is currently raising its fifth fund of Rs 2000 crore, which is a special situations fund aimed to provide flexible and patient capital.
Amit Bhagat, managing director and chief executive, 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 differentiator.”