ASK Group to invest up to 1,500 cr in projects
Financial services firm ASK Group plans to step up its equity investment in Indian real estate market to up to Rs 1,500 crore during this year as it sees good demand in mid-segment housing projects.
The firm had invested a little over Rs 600 crore during last year through three equity deals in real estate projects. "In 2016, we will deploy Rs 1,000-1,500 crore as equity investment in Indian real estate," ASK Property Investment Advisors CEO and MD Amit Bhagat told PTI.
In its largest investment so far, ASK Group had last month invested Rs 365 crore in a housing project of Rajesh Lifespaces at Vikhroli in Mumbai. Before that, the company had invested Rs 125 crore with ATS Group in Noida project and Rs 112 crore in Purvankara's Bengaluru project. It also exited from three investments while garnering an impressive multiple.
"We focus on equity investment in mid-income housing projects with ticket price of apartments in Rs 50-75 lakh bracket. We expect the market to remain buoyant in this segment," Bhagat said.
ASK Group has invested about Rs 2,500 crore in Indian real estate during the plast five years. The company's strategy is to invest in mid-income housing projects in five cities - NCR, Mumbai, Pune, Bengaluru and Chennai.
Bhagat said the company is in the process of raising about Rs 1,500 crore from domestic and offshore investors. The fund raising exercise would be completed in next one month.
Asked about investment scenario in Indian real estate, Bhagat said a lot of deep-pocket institutional investors and large funds would start looking at Indian real estate because of counter cyclical opportunity.
Urban yacht marina project at Howrah
India's first urban yacht marina project, along with a residential area, will come up in Howrah on the banks of the Hooghly river. A marina is a sheltered harbor area where private yachts and boats can be parked on the water with fuel lines, fresh water supplies and shore power for the boats.
"Marina Grand is an urban yacht marina project on the banks of Hooghly river on Howrah side, very close to the main city centre of Kolkata. It will also have residential area connected to the Marina. Such integrated project is the first so far," Marina Infra Projects managing director Samir Prasad told PTI.
The project report is being finalised and the project will be launched in mid-2016. The company has already procured land for it, he said.
The project is in two parts — the marina and a 6 lakh sq ft of residential development along with a highly privileged yacht club.
Prasad said the marina project, including the real estate development, will cost around Rs 250 crore. There will be berthing capability of up to 50 yachts and some inventory may cost about Rs 100 crore.
At least two other marina projects are proposed on government land in Mumbai -- on Victoria docks of JNPT and at Alibag.
— Agencies
