ASK invests $27m in Kalpataru’s budget housing project in Pune

ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of ASK Group, has invested 200 crore in real estate Kalpataru Group’s mid-income housing project in Baner, Pune.

This is an ongoing mid-segment residential project on 16 acres with a saleable area of 1.9 million sq. ft, comprising over 1,200 units spread across one-to-three-bedroom homes. Baner has grown as an IT employment hub with about 13 million sq ft of IT parks and office complexes, including RMZ Icon and Panchshil Business Park.

This is ASK’s first investment in Kalpataru Group. The developer will use the capital to replace an existing lender and for working capital.

“This is our fourteenth project in Pune, and with this investment the ASK Group has now invested in projects spanning across 12million sq ft including over 8,500 residential units, a city-centric office space and IT-SEZ in Pune. The project is in line with our strategy of providing funds to mid-income housing projects for mid/last mile execution and completion,” said Amit Bhagat, CEO and MD, ASK PIA.

After a few months of disruption led by the lockdown last year, ASK PIA in October had invested 125 crore in Gulshan Homz’s mixed-use project in Noida.

“The last couple of years have witnessed a consolidation of demand for homes to reputed, execution-focused and large-scale developers. Affordable and mid-income housing have seen a substantial recovery and prices have bottomed out in the last year which has also led to sustainable demand. Decade-low home loan rates, concessions in stamp duty and flexibility by developers have increased the affordability for house purchase. Thus, all the affordable projects nearing completion that are located in growth corridors and have achieved financial closure would see a significant advantage,” said Sunil Rohokale, MD and CEO, ASK Group.

This article was first published on livemint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.