Asipac set to raise Rs 60 cr

Asipac, the Bangalore-based real estate advisory firm, is set to raise Rs 60 crore by divesting 19 per cent.

The company which advises real estate developers on a whole host of aspects right from conceptualising a project to marketing, is in the final stage of this fund raising plan and is hoping to finalise by early February.

This 15-year-old firm presently has topline in the range of Rs 30 crore and is expected to cross the Rs 100 crore by end of next fiscal. Asipac, since 1996, has executed plans for projects of more than 345 million square feet, said Asipac, Chairman & CEO, Amit Bagaria.

According to him, the company has a pipeline of Rs 22,000 crore projects which will be executed over 5-7 years.

Asipac, said Bagaria, gets a 7 per cent fee on the total cost of the project which includes right up to marketing individual flats to the end customer.

"The builders get a lot of bandwidth free when they outsource marketing to us. We participate in various trade fairs and have a team of 75 people across key cities in India who take up marketing on a time-bound basis," he added.

Asipac's ongoing projects, in 10 cities across South and West India, include a 860-acre themed integrated township with SEZ, a 250-acre golf residential community, a 150-acre mixed residential township, a 50-acre gated community of villas, a 52-acre township in a Tier-II city, a 790-unit 11-skyscraper American-styled condoville, a 37 acre budget homes community in a Tier-III city, a multi-product SEZ, seven hotels, nine malls/retail projects, besides a few others.

Asipac's 150-plus clients include Reliance, Tata, Tally, Hyatt, Broadcom, Subex, Future Group, Shoppers' Stop, Lifestyle, K Raheja, Koncept Ambience Group, Salarpuria, Mantri, Golden Gate, Prestige, RMZ, DivyaSree, Adarsh and Mfar.

"We believe in urbanisation and are focusing on Tier II cities where there is scope for immense development. Places like Tirupur, Belgaum, Vizag, Pondicherry offer such growth and a lot of our projects are in such places," Bagaria noted.