India Digest: ASK backs Gulshan Homz; Omkar to sell Mumbai complex

ASK Property Investment Advisors has invested Rs 150 crore in a residential project of Gulshan Homz while Omkar Realtors is in discussions to sell its ongoing office project in Mumbai.

ASK Property invests in Gulshan Homz

ASK Property Investment Advisors (ASK PIA), via its Real Estate Special Situations Fund, has invested Rs 150 crore in a residential project of Gulshan Homz.

The project is located adjacent to Noida Expressway, with a total development potential of around one million square feet, The Economic Times reported. This is the first time that ASK Property has invested in a Gulshan Homz’ project.

Gulshan Homz has so far delivered around 7 million sq ft of real estate, of which 5.5 million sq ft is in Noida and an additional 4 million sq ft is under construction in Noida and Greater Noida.

Omkar to sell Mumbai office complex

Omkar Realtors is in discussions with a couple of real estate investment firms to sell its ongoing office complex project in Mumbai as part of its strategy to monetise commercial assets, PTI reported on Friday.

The office and retail complex, which is being valued at Rs 3,000 crore, is part of a 65-acre slum redevelopment project ‘Omkar International District’ in Andheri East. Omkar Realtors has so far delivered 15 projects in Mumbai and is currently working on 12 projects, the report added.

Last year, the company had sold a retail project spread across a million sq ft area to Virtuous Retail, which is the retail arm of alternative investment firm The Xander Group.