Housing Projects to get Rs 1,000 Cr as Equity, ASK Group to Invest
Housing projects to get Rs 1,000 Cr as private equity, financial services firm ASK Group will invest. ASK Group which has invested Rs 700 Cr in last fiscal year, expects more opportunity in the real estate sector after the implementation of the new realty law RERA and the GST.
The investment will be in the mid-segment and the affordable housing segment in 2017-18 according to the ASK Property Investment Advisors Managing Director. After the introduction of RERA and GST, there is a room for only serious, committed, customer-centric and well capitalised player in the sector.
ASK Property Investment Advisors is a venture of the ASK group set up to manage and advise real estate dedicated funds. It mainly invests in housing projects in six major cities– Delhi-NCR, Mumbai, Pune, Bengaluru, Chennai and Hyderabad.
ASK Group in May this year invested Rs 200 crore in ATS Infrastructure mixed use development project ‘Knight Bridge’ in Noida. The group has so far invested Rs 3,000 crore in the real estate projects in last 6-7 years and made an exit of worth Rs 1,000 crore with a healthy return on investment of 18-30 per cent at project level.
The company has raised Rs 535 crore so far under its seventh fund and will reach Rs 1,000 crore by March 2018. The developers are raising funds from domestic as well as global investors to construct their projects.
Source Link- http://www.moneycontrol.com/news/business/real-estate/ask-group-to-invest-rs-1000-cr-as-equity-in-housing-projects-2369941.html