ASK Property Investment pumps Rs 215 cr for Mahagun's housing project

The real estate private equity arm of the ASK Group, ASK Property Investment Advisors, has pumped in Rs 215 crore in Mahagun Group’s mid-income home project in sector 107 of Noida.

The project will be built on a 10-acre land parcel, which has the potential of building a saleable area of more than 2 million sq ft including low-rise and high-rise flats. The firm has already procured the land parcel strategically situated in Noida’s sector 107 with built social and commercial infrastructure.

Amit Bhagat, CEO & MD, ASK PIA told the media that it is their seventh investment in Noida and eleventh in NCR. With this investment, the ASK group has funded projects over 21 million sq ft, including more than 8,000 residential properties in Noida.

He said that the project is in line with ASK Property Investment Advisors’ plan of rendering funds for mid-income housing achieved by authorised developers with an execution track record along job growth corridors.

The intended project is near the Aqua Line metro, Noida Expressway and numerous big information technology and office parks comprising the Noida and Samsung Special Economic Zones. The project is situated adjacent to the premium residential Sector 47 and Sector 104 of Noida. It is one of the few projects where land is completely paid for before the start of sales

. ASK PIA, the alternate asset investment arm of the ASK Group concentrates on private equity investments in self-liquidating mid-income and affordable residential and commercial assets. It has raised about Rs 5,000 crore since 2009 from investors comprising family offices, ultra-high net worth individuals (UHNI), high net worth individuals (HNI) and Institutions.

Sunil Rohokale, MD & CEO, ASK Group, told the media that it has resulted in high sustainable demand. He said that the lowest home loan rates, concessions in stamp duty charges, and flexibility by developers have surged the affordability and affinity towards the house purchase.

All the projects, which are focused on middle-income housing situated in growth corridors and that have received financial closure, will be key beneficiaries. Private equity investments into the realty sector have remained to surge over the past couple of years and even the last year despite the pandemic scenario.

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