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Business News/ Companies / News/  ASK PIA marks 600 crore initial close of new fund
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ASK PIA marks ₹600 crore initial close of new fund

The fund will be invested in the established residential markets of Mumbai, Pune, Noida, Gurgaon, Bengaluru and Chennai

ASK PIA is targeting a fund size of ₹2,000 crore.Premium
ASK PIA is targeting a fund size of 2,000 crore.

Bengaluru: ASK Property Investment Advisors (ASK PIA) on Monday said it has done an initial close of 610 crore of its new real estate fund (RESOF IV). This is the sixth real estate fund by ASK PIA and it plans to raise 2000 crore.

Over the last few years, private equity investments in income yielding commercial, industrial, residential and data centres have increased significantly. The increase is primarily led by foreign capital inflows in India, the firm said.

“We have announced initial closure of more than 610 crore, which will be invested in the established residential markets of Mumbai, Pune, Noida, Gurgaon, Bengaluru and Chennai. Domestic investors account for 50% of the real estate fund raised, while overseas investors account for the remaining 50%. We are targeting a fund size of 2,000 crore," said Amit Bhagat, CEO & MD, ASK PIA.

“We have finalised few investments and are prepared for accelerated deployment given a very healthy pipeline and a structurally resilient residential segment.", he added.

According to ASK PIA, end-user demand combined with declining inventory on one side and employment generation combined with income growth in service industry, IT, financial services and allied sectors are the drivers for sustained demand in residential sector.

“…We believe the residential market is already on a growth trajectory in 2022 and is likely to follow the same trend in the coming years. Selection of suitable developers, relevant micro markets and entry at the right price, have always been our strength. Our portfolio projects have shown robust performance and witnessed y-o-y growth of more than 70% in sales value in FY2021-22. The average prices have risen by over 10% and this is likely to sustain given the increase in purchasing power in the segment," said Sunil Rohokale, MD and CEO, ASK Group.

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Published: 30 May 2022, 04:41 PM IST
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