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The sixth fund of the ASK Property Fund, the real estate private equity division of the ASK Group, closed with a total amount of more than Rs 1,500 crore including investor co-investments. The fund will largely invest in mid-income and affordable residential development projects with a concentration on the real estate markets in the top five cities in the nation.
The private equity company wants to use the money in the well-established residential markets of Mumbai, Pune, the National Capital Region, Bengaluru, and Chennai. The average ticket size of the investments is roughly Rs 10 crores and more than 60% of the most recent fund's investors are returning participants from the prior fund including domestic investors, foreign corporations and family offices.
India’s mid-income and inexpensive housing in India has emerged as a significant growth opportunity for real estate developers and financiers because of the growing demand in this market due to rising income levels and in backdrop of the government's drive. More than 40% of Indians are predicted to live in urban areas by 2030 compared to the current 35% which will increase the need for affordable housing and large investment opportunities for private equity investors.
The top seven cities in India added 522 million square feet of additional residential space in 2021, while 562 million square feet was sold in 2022. The share of affordable housing in all residential sales was between 16-20%.
The ASK Property Fund is the alternate asset investing division of the ASK Group, established to manage, and provide guidance for real estate-specific funds. The emphasis is on private equity investments in self-liquidating, middle-class, and affordable residential and commercial areas.
ASK Property Investment Advisors has raised about Rs 6,100 crore to date, and its primary investors include family offices, ultra-high net worth individuals, high net worth individuals and institutions. ASK Group manages assets of more than $8.98 billion (Rs 73,600 crore) as of March 31, across numerous asset classes and investors with offices in India, Dubai, and Singapore.
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