ASK Property Investment Advisors invests Rs 40 cr in Pune project

MUMBAI: ASK Property Investment Advisors, the real estate arm of the ASK Group, today said that it has invested Rs 40 crore in realty developer Paranjape Schemes' project in Pune.

The investment, in a Rs 150 crore worth project, is a part of Rs 340 crore raised through the ASK Real Estate Special Opportunities Portfolio 1 in 2009, a company statement said here.

"The current market situation has provided us with very good investment opportunities to partner with reputed developers in promising growth areas. We are extremely bullish on the outlook of the Pune real estate market," ASK Investment Holdings chief executive and managing director Sunil Rohokale said.

The ASK Group, which manages domestic real estate funds of over Rs 1,000 crore, has already invested in a residential project worth Rs 255 crore with Amit Enterprises and in another project with Darode Jog, worth Rs 270 crore.

"As per our analysis, Pune is a very stable market and demand is expected to be firm due to growth in services and manufacturing sectors. With accelerated economic activity, growth of IT/ITeS sector and migration, city will witness increased demand for housing," he said.

Under the special opportunities portfolio, the firm has so far invested in the key markets including Delhi NCR, Pune, Bangaluru, and Chennai, the release said.

"Given our experience and professional knowledge in this industry, we are confident of delivering a high quality product that would appeal to the preference of the customers.

This partnership with ASK group would enable us to execute such projects with agility, which is our strength" Paranjape Schemes (construction) chairman Shrikant Paranjape said.