 "ASK PE invests Rs 55 crore in Paranjape Schemes in Pune")
The project is spread over 150 acres of a land parcel that will include apartments, villas, homes for the elderly, school, mini markets etc. ASK PIA had earlier invested Rs 40 crore in Paranjape Schemes’s Model Colony project ‘Skyone’ in 2012.
Amit Bhagat, CEO and MD, ASK Property Investment Advisors said, “This is the eighth investment from our Rs 1,000 crore Real Estate Fund and our second investment with Paranjape Shemes. Over the past few years Bhugaon has been gaining preference from home buyers as it is strategically located near Kothrud and is now growing rapidly because of the development of the city.”
“Our strategy of focusing on top five cities of the country and in partnership with reputed developers has given excellent returns to investors. Pune is a very stable market and demand is expected to be firm due to growth in service and manufacturing sectors and therefore we see good potential for risk-adjusted returns. Moreover, Paranjpe Schemes has proven its expertise in township development with their Forrest Trails and Blue Ridge projects and we are confident of creating yet another successful township by partnering them,” said Sunil Rohokale, CEO and MD, ASK Group.
ASK Group has emerged as a leading player in the Real Estate Fund business and currently manages real estate assets of more than Rs 2,100 crore. The Group has raised two domestic funds and an offshore fund amounting to approximately Rs 1,600 crore and has raised structured debt of close to Rs 500 crore.
ASK Group has already made two exits; first in ATS - One Hamlet in Noida, at an IRR of 54 per cent and a multiple of 2.45 in just over two years and second from Liviano, a project by Darode Jog Properties in Pune, recording an IRR of 30 per cent and a multiple of 2.35 in three years. Both these exits are from the first domestic fund launched by ASK Group in 2009.