ASK Property Fund invests Rs 225 cr in Kumar Realty’s project in Pune’s Hinjewadi
ASK Property Fund, the real estate private equity arm of the ASK Group, has invested Rs 225 crore in property developer Kumar Realty’s residential project, part of an integrated township Megapolis in Pune’s Hinjewadi.
The investment has been made through its recently raised fund, ASK Real Estate Special Opportunities Fund IV (RESOF IV). It raised over Rs 1,500 with the close of this sixth fund including co-investments from investors.
The project is focused towards affordable and mid-income segment homebuyers.
Around 4,600 apartments in this integrated township are delivered and social infrastructure, including a school, is operational, while around 3,000 apartments are currently under construction.
“Pune has been a preferred city of deployment across our funds due to an end user affordable market which has seen consistent absorption and the lowest unsold under construction inventory amongst top six cities. This investment is in one of the successful township projects of Hinjewadi that has consistently attracted end users,” said Bhavin Jain, Chief Investment Officer, ASK Property Fund.
According to Jain, seamless execution before, during, and after the Covid19 pandemic has separated reputed developers from over-leveraged developers that have not focussed on customers.
“Institutional investors have demonstrated their commitment to India and have made long-term investments in this sector.
Overall, PE investments in the real estate sector are estimated to touch $5.6 billion in 2023, a 5.3% on-year growth. Our focus continues to be in the mid segment where affordable housing and proximity to job corridors is the winning mix,” said Amit Bhagat, CEO & MD, ASK Property Fund.
According to Bhagat, the fund has a robust track
