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By Rajesh Kurup
ASK Property Funding Advisors (ASK PIA), the true property non-public fairness arm of the ASK Group intends to lift about Rs 1,500-2,000 crore for its sixth fund, to be invested primarily in residential properties. ASK PIA intends to finish the fund-raising this yr.
“We’re targeted on elevating cash predominantly from excessive internet value people (HNIs) and household places of work. We have now totally deployed our earlier fund, the fifth fund, in six investments and we see a comeback in demand for residential properties,” ASK PIA chief government officer and managing director Amit Bhagat stated.
The agency has “totally deployed” Rs 900-crore corpus of its fifth fund throughout the nation’s prime six cities – Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Kolkata – and the proceeds of the sixth fund could be additionally invested throughout the identical cities.
The most recent fund could be deployed at undertaking ranges of reasonably priced to mid-segment (Rs 45 lakh-Rs 1 crore) residential properties. The funding could be supplied to “execution-focused reputed builders”. As of now, ASK PIA has invested a complete of Rs 5,000 crore throughout mid-segment and reasonably priced housing initiatives.
“We are actually investing solely in initiatives which have obtained approvals and we’re doing early stage, mid-mile and last-mile funding. We’re taking a look at monetising by way of exits reasonably than by way of redevelopment of those residential initiatives,” Bhagat added.
On the business actual property entrance, with corporates asking their workers to return to work leasing calls for are additionally bouncing again. As a result of stamp obligation advantages, there may be sustained demand from cities resembling Mumbai and Pune, he added.
On November 11, ASK PIA had invested Rs 215 crore in Mahagun Group’s mid-income housing undertaking in Noida, marking its seventh funding in Noida and eleventh within the Nationwide Capital Area (NCR).
Earlier, it had additionally obtained approvals from Worldwide Monetary Providers Centre Authority to arrange and handle a primary actual estate-focused fund from GIFT Metropolis in Gujarat.
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