India: PE firm ASK Property invests $29m in Mahagun’s housing project

Photo: Pradeep Gaur/Mint

ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of ASK Group, said it has invested ₹215 crore in Mahagun Group’s upcoming mid-income housing project in Noida.

The project, spread across 10 acres in Noida’s Sector 107, has a saleable area of over 2 million sq ft comprising low-rise and high-rise apartments. This is ASK’s seventh investment in Noida and eleventh in National Capital Region (NCR).

“…With this investment the ASK group has now invested in projects over 21 million sq ft, including over 8,000 residential units in Noida. The project is in line with ASK PIA’s strategy of providing funds for mid-income housing executed by reputed developers along job growth corridors,” said Amit Bhagat, CEO and MD, ASK PIA.

Amit Jain, director, Mahagun Group said, “…This is one of the few projects where land is fully paid for before commencement of sales. We are optimistic on the outlook for the sector in the coming years and anticipate a sustained recovery in residential demand.”

ASK PIA in July said it had launched a new real estate-focused fund called “ASK Real Estate Special Opportunities Fund – IV”, with a targeted corpus of ₹1,000 crore and an additional Rs. 1,500 crore via a green shoe option. The fund is in line with ASK’s focus on the affordable and mid-segment residential and mix-land use projects, and would focus on job growth corridors across the top six – Mumbai Metropolitan Region, Delhi-NCR, Bengaluru, Chennai, Pune, and Hyderabad.

“The last couple of years have witnessed a consolidation of demand for homes by reputed, execution-focused developers and their projects. Mid-income housing has seen a substantial recovery and prices have bottomed out in last six months. Lowest home loan rates, concessions in stamp duty charges, and flexibility by developers have increased the affordability and affinity towards home purchase. All the projects focused on mid-income housing located in growth corridors and have achieved financial closure would see a significant advantage,” said Sunil Rohokale, MD and CEO, ASK Group.

ASK PIA in October received approval from International Financial Services Centre Authority (IFSCA) to set up a branch office in GIFT City, Gandhinagar. ASK Real Estate Fund-2, sponsored by ASKPIA, also received approval for the first real estate focused fund of funds as an alternative investment fund (AIF), category III.

This article was first published on livemint.com

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.

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.