facebook-page-view
Advertisement

ASK Property Investment Advisors infuses money into Kalpataru group’s Pune project

By Swet Sarika

  • 12 May 2021
ASK Property Investment Advisors infuses money into Kalpataru group’s Pune project
Credit: 123RF.com

ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of the ASK group, has invested Rs 200 crore (about $27 million) in Kalpataru group’s mid-income housing project in Baner, Pune. 

The under-construction project is spread across 16 acres with a saleable area of 1.9 million square feet (sq ft). It has over 1,200 units across one to three BHK configurations (bedroom, hall and kitchen).  

“This is our fourteenth project in Pune, and with this the ASK group has invested in projects spanning 12 million sq ft including over 8,500 residential units, a city-centric office space and an 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,” said Amit Bhagat, chief executive officer and managing director of ASK PIA.  

Advertisement

The deal is ASK group’s maiden transaction with Kalpataru group.  

“Affordable and mid-income housing has seen 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/premiums, and flexibility by developers have increased the affordability for house purchase,” said Sunil Rohokale, managing director and chief executive officer of ASK group.  

Last year, ASK PIA invested Rs 125 crore in Gulshan Homz’s mixed use project in Noida. 
In 2019, the firm invested Rs 326 crore ($47 million) across projects of QVC Reality Developers, Tridhaatu Realty and TVS Emerald.  

Advertisement

ASK PIA has so far raised around Rs 5,000 crore from its limited partners’ pool consisting of family offices, ultra high net worth individuals, high net worth individuals, and institutions. 

Share article on

Advertisement
Advertisement