NEW DELHI, Nov 25: Financial services firm ASK Group today said it has invested an additional Rs 125 crore in realty firm ATS Group’s housing project in Noida.
ASK Group’s offshore fund had earlier invested Rs 127 crore in the project in July 2014, the company said in a statement.
The incremental Rs 125 crore is the eight investment from ASK’s second real estate fund ‘ASK Real Estate Special Opportunity Fund’.
This will be the third project where ASK has partnered ATS through the real estate private equity route.
The project, Le-Grandiose, is located at Sector 150, Noida, across 20 acres and has a total saleable area of 1.7 million sq ft.
The project focuses on mid-income households and will be completed in 2018, the statement said.
ATS group CMD Getamber Anand said that the company is developing 1,300 flats in this project.
ASK Property Investment Advisors CEO and MD Amit Bhagat said, “Noida is the best growth corridor with proximity to job market. ATS has a proven track record in that micro market”.
“The prices in Noida are not going up in a hurry due to good supply,” he added.
ASK Property Investment Advisors is a venture of the ASK Group set up to manage and advise real estate dedicated funds.
ASK Group CEO and MD Sunil Rohokale said, “ASK’s constant endeavor is to partner with prudent and reputed developers having a good track record. We are strengthening our partnership with ATS Group with this investment and are confident of deriving superior value for our investors.”
In this calendar year, ASK Group has invested Rs 112 crore in Purvankara’s Bengaluru project and has exited from three investments while garnering an impressive multiple.
Noida-based ATS Group has operations across NCR, Chandigarh, Goa and Dehradun.
ASK Group, through its real estate business, manages an AUM of Rs 3,000 crore and has committed Rs 1,800 crore in 16 projects spread over 18 million sq ft during the last 18 quarters. (PTI)
Follow our WhatsApp channel