Realty projects in Pune by ASK Group

HT Estates - - HTESTATES - Mad­hurima Nandy mad­hurima.n@livemint.com

BENGALURU: ASK Prop­erty In­vest­ment Ad­vi­sors (ASK PIA), part of fi­nan­cial ser­vices firm ASK Group, Tues­day said it has com­mit­ted Rs150 crore across two projects in Pune.

Of this, Rs80 crore is for Ku­mar Prop­er­ties’ res­i­den­tial project and Rs70 crore for Naik­navare De­vel­op­ers’ res­i­den­tial project Avon Vista. While the in­vest­ment in Ku­mar Prop­er­ties is from ASK PIA’s off­shore fund, the lat­ter is from its re­cently launched ASK Real Es­tate Spe­cial Sit­u­a­tions Fund-I.

The projects are ex­pected to to­gether gen­er­ate rev­enues of around Rs1,000 crore, ASK said. 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 a di­ver­si­fied port­fo­lio of Rs40,000 crore of as­sets un­der man­age­ment that in­cludes a wealth man­age­ment arm, prop­erty in­vest­ment ad­vi­sory, port­fo­lio man­age­ment ser­vices an­daSin­ga­pore-based sub­sidiary called ASK Cap­i­tal Man- age­ment.

Su­nil Ro­hokale, man­ag­ing direc­tor and chief ex­ec­u­tive, ASK Group said, “At ASK Group, we take spe­cial care to min­imise risk while de­liv­er­ing su­pe­rior re­turns an­chored on val­ues of dis­ci­pline, fo­cus and syn­er­gis­tic ap­proach aimed in achiev­ing in­vestor trust. An im­prove­ment in macro-eco­nomic con­di­tions is likely to boost over­all sen­ti­ments and con­fi­dence of home­buy­ers and drive the re­vival in res­i­den­tial de­mand. ’’

ASK Group has raised Rs492 crore ($82 mil­lion) for its maiden off­shore fund and ASK PIA is cur­rently rais­ing its fifth fund of Rs2,000 crore, which is a spe­cial sit­u­a­tions fund aimed to pro­vide flex­i­ble and pa­tient cap­i­tal.

“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,” Amit Bha­gat, man­ag­ing direc­tor and chief ex­ec­u­tive, ASK PIA said.

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