ASK Property invests Rs 326 cr in housing projects of TVS group, QVC Realty, Tridhaatu

ASK group's private equity arm will invest Rs 326 crore in various housing projects being developed by QVC Realty, Tridhaatu and TVS Emerald.

These projects are located in Mumbai, Bengaluru, Chennai and Delhi-NCR.

ASK Property Investment Advisors (ASK PIA) is the real estate private equity arm of ASK Group.

Mumbai-based ASK Investment Managers Ltd, the holding company, is a leading asset and wealth management firm and it soon plans to launch Initial public Offer (IPO) to raise an estimated Rs 2,000 crore.

"We have invested Rs 326 crore as equity and structured equity in around 8 projects of QVC Realty, Tridhaatu and TVS Emerald," said Amit Bhagat, MD & CEO, ASK PIA.

About Rs 200 crore would be invested in three projects of QVC Realty in NCR and Bengaluru, Rs 80 crore in two projects of TVS group firm TVS Emerald and Rs 44 crore in three projects of Tridhaatu Realty, he told PTI.

"Liquidity crunch of NBFCs/HFCs has accelerated the consolidation process benefitting reputed developers. Project launches with right-sized and right-priced focused on mid-segment have seen growth in absorption. Lack of refinancing to developers has considerably increased the deal flow for private equity," Bhagat said.

These investments are in line with the fund's strategy of investing in residential focused real estate projects in the top five cities with established developers.

ASK group MD & CEO Sunil Rohokale said: "These investments reaffirm ASK group's strong belief in demand revival in the residential real estate market which has undergone structural changes like GST and implementation of RERA in current regulatory regime."