ASK Property Investment Advisors (ASKPIA), the real estate private equity arm of financial services firm ASK Group, has invested $9 million (Rs 55 crore) in a township project by Pune-based Paranjape Schemes (Construction) Ltd, the company said in a statement.
The investment has been made in a township project located in Bhugaon, Pune. The project is spread across 150 acres and will offer apartments, villas, senior citizen homes, school and mini market.
This marks the second investment of ASKPIA in Paranjape Schemes and eight from the Rs 1,000 crore fund.
Amit Bhagat, CEO and MD, ASK Property Investment Advisors, said, “Over the past few years Bhugaon has been gaining preference from home buyers as it is strategically located near Kothrud and is now growing rapidly because of the development of the city.”
Sunil Rohokale, CEO and MD, ASK Group, said, “Our strategy of focusing on top five cities of the country and in partnership with reputed developers has given excellent returns to investors. Pune is a very stable market and demand is expected to be firm due to growth in service and manufacturing sectors and therefore we see good potential for risk-adjusted returns.”
This investment is in line with the strategy of the company to collaborate with developer partners it has worked with in the past. While speaking to VCCircle, Sunil Rohokale had said that the company is planning to fully deploy its second domestic fund, which has a corpus of Rs 1,000 crore, in the next two months. For capital deployment this year, it is actively looking for opportunities in Chennai, Pune, Bangalore, Delhi and Mumbai.
Currently, ASK Group is raising its first offshore fund with a target of $200 million. It recently made its debut deal from the offshore fund and invested Rs 127 crore in a Noida project by ATS.
(Edited by Joby Puthuparampil Johnson)
