ASK Group, a financial firm with real estate asset management, equity research and portfolio management services, announced the infusion of Rs 50 crore, ASK Real Estate — Special Opportunities Portfolio 1, to a company promoted by Chennai-based real estate developer Real Value group. It has completed its 5th investment from the residential development-focused domestic fund raised in 2009, with this, according to a company announcement.
Real Value group’s proposed residential project is of 675,000 sq ft over 4.32 acres, is at Kottivakaam, in Chennai. In the last 16 years, Real Value promoters has developed and delivered over 2.5 million sft of real estate projects.
“We are happy to be associated with Real Value’s promoters for the project in an established growth corridor,” said Amit Bhagat, CEO and managing partner, ASK Property Investment Advisors.
Sunil Rohokale, ED - ASK Investment Holdings Pvt Ltd, said, “We believe Chennai is very strong and less volatile residential market. With this investment the portfolio has committed 80 per cent across Pune, Delhi NCR, Chennai and Bangalore. In terms of investment timelines, this is well within our commitment horizon of 24 months.”
Given the slump in sales in residential projects coupled with a capital starved real estate industry, the fund would see more investment opportunities in cities like Mumbai, Delhi and Bangalore, he added.
V S Suresh, managing director and promoter of Real Value group, said, Over a period of time, we have been able to connect very well to this city’s customer requirements and have come up with projects that address their needs. We believe that this partnership with ASK will further propel us as a customer-centric organisation.
ASK Group, has a holding company, ASK Investment Holdings and three operating subsidiaries, ASK Investment Managers, ASK Wealth Advisors and ASK Property Investment Advisors. In mid 2007 the ASK group launched its comprehensive financial planning and wealth advisory business, which provides wealth management solutions to individuals and trusts.