ASK Property Investment Advisors (ASK PIA) today said it will invest Rs 150 crore in two middle-income group residential projects coming up in Pune.
The company, a part of the financial services firm ASK Group, plans to invest Rs 80 crore in a project developed by Kumar Properties and Rs 70 crore in 'Avon Vista' of Naiknavare Developers.
While the investment of Rs 80 crore will be made from ASK PIA's offshore fund, the Rs 70 crore investment is deployed from the firm's recently launched ASK Real Estate Special Situations Fund-I (ASK RESSF-I), the company said in a statement issued here.
"Pune continues to garner interest from several domestic and multinational companies to set up and expand operations here as it has an advantage of proximity to financial centres and a preferred destination for IT and manufacturing companies," ASK PIA Managing Director and CEO Amit Bhagat said.
Kumar Properties' project offers over 600 units of 2-3 BHK, while 'Avon Vista' of Naiknavare Developers offers 500 units. Both these projects are expected to generate revenues of around Rs 1,000 crore, the release stated.
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