ASK announces initial closure of Rs 610 cr of its real estate fund

Hyderabad ASK Property Investment Advisors (ASK PIA) announced the initial closing of Rs 610 crore for its Rs 2,000 crore, sixth real estate fund. Amit Bhagat, CEO & MD, ASK PIA, said: "The funds will be invested in the established residential markets of Mumbai, Pune, Noida, Gurgaon, Bengaluru and Chennai. Domestic investors account for 50 per cent of the real estate fund raised, while overseas investors account for the remaining 50 per cent." He said the company has already finalised a few investments and is prepared for accelerated deployment, given a healthy pipeline and a structurally resilient residential segment.

Sunil Rohokale, MD and CEO, ASK Group said: "The swift rebound, as indicated by a significant increase in sales velocity following the Covid period, has been very encouraging. We believe the residential market is already on a growth trajectory in 2022 and is likely to follow the same trend in the coming years. Selection of suitable developers, relevant micro markets and entry at the right price has always been our strength. Our portfolio projects have shown robust performance and witnessed year-on-year growth of more than 70 per cent in sales value in FY2021-22. The average prices have risen by over 10 per cent and this is likely to sustain given the increase in purchasing power in the segment."

According to ASK PIA research, end user demand combined with declining inventory on one side and employment generation combined with income growth in service industry, IT, financial services and allied sectors are the drivers for sustained demand in residential sector.