MUMBAI: Private equity firm ASK Property Investment Advisors plans to invest up to Rs 500 crore in mid-income residential projects by this fiscal end, a top company official said.
“We are upbeat about India’s real estate growth story. We intend to invest up to Rs 500 crore in various mid-income residential projects by this fiscal end,” ASK Investment Managers CEO and Managing Director Sunil Rohokale told PTI.
The company has so far raised two domestic funds with Rs 350 crore in 2009 and Rs 1,000 crore in 2011-12 and has invested to the tune of Rs 800 crore in 12 projects.
“We have committed entire Rs 350 crore by investing in seven projects. As far as the second fund is concerned, we have already committed investments to the tune of Rs 500 crore in five projects,” he said.
The company recently invested Rs 147 crore in ATS Group’s Gurgaon housing project.
The ASK Group has been concentrating only on mid-income residential projects coming up in five cities, including Mumbai, Pune, Delhi (NCR), Chennai and Bangalore, he said.
“We don’t wish to look at other destinations at the moment mainly because there is still huge scope in these five cities.
Despite tough economic environment, developers are undertaking new projects. Given the situation that interest rates are not coming down, capital starved real estate developers will look at private equity infusion for their projects,” Rohokale said.
He said the company would be making investments to the tune of Rs 100-150 crore in individual projects.-PTI
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