ASK Property Investment Advisors (ASK PIA), part of the ASK Group, a financial services firm on Tuesday announced a commitment of Rs 150 crore across two projects in Pune. Both these projects are expected to generate revenues of around Rs 1,000 crore.
Of these investments, Rs 80 crore is invested in Kumar Properties’ residential project (8 lakh sq ft) and Rs 70 crore is deployed in Naiknavare Developers’ residential project Avon Vista (6 lakh sq ft.). While the former investment is from the ASK PIA’s offshore fund, the latter is deployed from its recently launched ASK Real Estate Special Situations Fund-I (ASK RESSF-I), a company release said.
The project by Kumar Properties, located in Hadapsar, offers 600 units and caters to the middle-income segment. The second investment Avon Vista has on offer over 500 units and is located in Balewadi-Mahalunge, close to Baner and the IT corridor of Hinjewadi.
“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,’’ says Sunil Rohokale, MD & CEO, ASK Group.
According to Amit Bhagat, MD & CEO, 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 differentiators.’’