Construction Industry News
ASK Group's private equity arm of real estate, ASK Property Investment Advisors, has pumped Rs 215 crore into the Mahagun Group's middle-income project in Sector 107 of Noida.
The project will be built on a 10-acre lot, which has the potential to build a salable area of over 2 million square feet, including low- and high-rise condominiums. The company has already acquired the land plot strategically located in Noida's sector 107 with social and commercial infrastructure built.
Amit Bhagat, CEO & MD, ASK PIA told the media it is their seventh investment in Noida and eleventh in NCR. With this investment, the ASK group has financed projects of more than 21 million square meters, including more than 8,000 homes in Noida.
He said the project is in line with ASK Property Investment Advisors' plan to provide funds for middle-income homes achieved by authorized developers with a track record of execution along job growth corridors.
The envisaged project is located near the Aqua Line metro, the Noida Expressway and numerous major information technology and office parks, including the Noida and Samsung Special Economic Zones. The project is located next to the premium residential Sector 47 and Sector 104 of Noida. It is one of the few projects where the land is fully paid off before the sale starts.
.ASK PIA, the alternative investment arm of the ASK Group, focuses on private equity investments in self-liquidating middle-income and affordable residential and commercial assets. It has raised about Rs 5,000 crore since 2009 from investors comprising of family offices, ultra-high net worth Individuals (UHNI), high net worth Individuals (HNI) and institutions.
Sunil Rohokale, MD & CEO, ASK Group, told media that it has led to high sustainable demand. He said the lowest mortgage rates, concessions in stamp duties and flexibility by developers have increased affordability and affinity with home purchases.
All projects, which target middle-income housing in growth corridors and are financially closed, will be the main beneficiaries. Private equity investment in the real estate sector has continued to rise in recent years and even last year, despite the pandemic scenario.
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