ASK Property Investment Invests Rs 200 crore in Kalpataru’s Pune project

ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of the ASK Group, has invested Rs 200 crore in realty developer Kalpataru Group’s mid-income housing project in Baner locality of Pune.
“This is our fourteenth project in Pune, and with this investment the ASK group has now invested in projects spanning across 12 million sq ft including over 8,500 residential units, a city-centric office space and IT-SEZ in Pune. The project is in line with our strategy of providing funds to mid-income housing projects for mid/last mile execution and completion. This is our maiden exposure to the Kalpataru group...we look forward to a long term, mutually beneficial association," said Amit Bhagat, CEO & MD, ASK PIA.

This is an ongoing mid segment residential project spanning across 16 acres with a saleable area of around 1.9 million sq ft comprising over 1,200 units spread across 1 to 3-bedroom apartments.

“We are partnering with ASK Group for premium developments, Jade and Aurum in Baner. The project has witnessed good traction with launched units completely sold out, due to its central location, and unique placement in the lap of nature, a rare luxury in a bustling metropolis. We are now in the process of launching fresh units,” said Kalpataru’s spokesperson.

According to ASK Group’s MD & CEO Sunil Rohokale, ASK’s previous investment had done very well in this micro market. It had invested in 2012 and exited in 2016 with an internal rate of return of 26% and 2.55 times multiple and hence the fund is convinced of this investment opportunity.

Baner is a centrally located residential neighbourhood with established social and physical infrastructure and is also in proximity to the Mumbai – Benglauru Highway (NH-48). It has also grown as an IT employment hub with nearly 13 million sq ft of IT parks/office complexes including RMZ Icon and Panchshil Business Park.