ASK Property Investment Advisors Pvt. Ltd, the real estate investment arm of financial services group ASK, said Tuesday it has invested Rs 150 crore (nearly $24 million) in two residential projects in Pune.
The firm put in Rs 80 crore in a project of Kumar Properties from its offshore fund and Rs 70 crore in Naiknavare Developers Pvt. Ltd’s Avon Vista project from the recently launched ASK Real Estate Special Situations Fund-I.
ASK Property said in a statement both these projects are likely to generate revenue of around Rs 1,000 crore. Kumar Properties’ project offers 6,000 apartments and caters to the middle-income segment. Avon Vista offers over 500 units and is located near the IT corridor of Hinjewadi in the western Indian city.
Amit Bhagat, managing director and chief executive officer at ASK Property, said Pune continues to garner interest from several domestic and multinational companies to set up and expand operations.
Sunil Rohokale, managing director and chief executive officer, ASK Group, said an improvement in macroeconomic conditions is likely to boost overall sentiment and confidence of homebuyers and help revive residential demand.
ASK Property raised its first fund of Rs 326 crore under tough market conditions during March-December 2009. It raised its second domestic fund of Rs 1,000 core in 2011 and a third local fund of Rs 1,400 crore in 2016.
Separately, ASK Group raised Rs 492 crore ($82 mn) for its maiden offshore fund and is raising its fifth fund of Rs 2,000 crore.
The firm usually invests in residential projects but has recently added commercial and mixed-use projects to its investment mandate.