ASK invests Rs 200 cr in budget housing projects in Pune
A venture of the ASK Group, ASK Property Investment Advisors (ASK PIA) has invested Rs 200 cr in the housing projects of real estate Kalpataru Group in Baner, Pune.
Being ASK’s first investment in Kalpataru Group, a part of the fund will replace the present lender and the rest will be utilised as its working capital. The mid-class residential project extending to 16 acre is under progress and consists of one to three BHK homes in a land of market-worth 1.9 million sq ft of over 1,200 units.
Baner being a residential-industrial region has developed as an IT employment hub that comprises -- IT parks of about 13 million sq ft, office complexes including RMZ Icon and Panchshil Business Park.
MD and CEO of ASK Group Sunil Rohokale has cited that the last couple of years have witnessed a consolidation of demand for homes to reputed, execution-focused and large-scale developers.
He also mentioned that there has been a substantial recovery in affordable and mid-income housing and prices that bottomed out last year led to this sustainable demand. He further added that the decade-low home loan rates, concessions in stamp duty and flexibility have increased the affordability for house purchase. This could boost up the work of near to complete projects that are affordable and have financial closure, says Rohokale.
As part of recovery from the previous year lockdown, ASK PIA invested Rs 125 cr in Gulshan Homz’s Noida project in October.
Also read: Affordable housing keeps real estate sector afloat: PropTiger
