Realty bites

ASK Group invests Rs 200 cr in ATS 

project in Noida

Financial services firm ASK Group will be investing Rs 200 crore in ATS Infrastructure project ‘Knights Bridge’. The project is located in Sector 124, Noida and is a mixed use development project of more than three million square feet. ASK Group ventured into real estate private equity fund business in 2008 and so far it has raised four domestic and one offshore fund. The funds so far have all investments in residential projects. 

ASK Group through its Real Estate investment advisory business manages Rs 4,350 crore and has committed over Rs 2,400 crore across 33 investments. ASK funds have demonstrated exit track record of over Rs 1,900 crore through its eighteen full and six part exits clocking returns in the range of 17% to 55% IRR.

Supertech to spend Rs 1500 crore 

by March 2018

Real estate group Supertech Limited will spend Rs 1,500 crore on construction and other activities in the current financial year to expedite project completion. The company aims to deliver 15,000 units across projects in the National Capital Region, north India and Bengaluru by March 2018. The company is in the process of fast-tracking all its projects by deploying state-of-the-art construction technologies like modular pre-cast slabs along with increasing labour deployment to 13,000 from the current 10,000. According to R.K. Arora, Chairman, Supertech Limited “We are committed to put our efforts to complete all our ongoing projects in the stipulated time frame.  The company is targeting to collect approximately Rs 1500 crore against final payments from customers who are getting possession in one year.  Further, the Company has long term plans of investment as there is no financial crunch.  We are quite optimistic that realty market will revive very soon after RERA coming in force.”

Elan to invest Rs 550 crore in  

Gurugram project

Elan Group, one of the renowned and fastest growing real estate developers in Gurugram, announced the launch of Elan Miracle, an iconic mixed use development project in Gurugram recently. Located amidst dense residential area on Sector 84, Dwarka Expressway, Elan Miracle has connectivity with Central Peripheral Road, Southern Peripheral Road and ISBT. The project spread over 7 acres with 1.5 million sq. ft of development area will have high street retail with double height shops, hypermarket, food court, superplex and luxury serviced apartments.  Consisting of approximately 1000 units, the Rs 550- crore project will also house the nation’s largest PVR cinemas with 18 screens. 

The project is priced at Rs 14,000 per sq ft for retail spaces whereas service apartments in the project are priced at Rs 9,000 per sq ft. The construction of the project will begin in the fourth quarter of 2017 and is slated to be completed by 2020.                                                   

— TNS