New Delhi: ASK Property Fund, the real estate arm of Blackstone-backed ASK Asset & Wealth Management Group has invested Rs 260 crore with the Kanodia Group’s real estate venture, Kreeva.
Kreeva has acquired a prime land parcel in South Delhi for around Rs 350 crore and will develop a luxury residential project spread across 500,000 sq ft.
“This is ASK’s first investment in a vertical residential project in Delhi and this will bring a differentiated residential experience to South Delhi, where the market is primarily known for independent floors,” said Amit Bhagat, Co-founder, CEO and MD, ASK Property Fund.
Earlier, Shapoorji Pallonji Real Estate (SPRE) had entered into a joint venture with Kreeva, to develop a luxury residential project at Sector 46 in Gurugram.
The project is also baked by Rs 270 crore investment by the ASK.
The south Delhi land is acquired from a leading conglomerate, and is now approved for a luxury vertical residential development.
“We see a growing desire among families in Delhi for the security and lifestyle that only a gated vertical community can offer. With acquisition of this land parcel, we will able to create that space,” said Gautam Kanodia, Founder, KREEVA and Kanodia Group.
The development will comprise spacious 3.5, 4.5 and 5.5 BHK apartments in a market dominated by independent floors.
“We have long-term conviction on the NCR real estate market, given its economic depth and the structural expansion opportunity it provides over the next decade. Institutional capital providers like us would have significant opportunities to provide growth capital to developers for land acquisition,” said Bhavin Jain, CIO, ASK Property Fund.
“Our portfolio includes the acquisition of government auctioned land, high-value city-centric approved land acquisitions from corporates,” Jain said.
ASK Property Fund, has raised Rs 8,900 crore (US$ 1.3 billon) since 2009, and investors include Family Offices, Ultra High Net Worth Individuals (UHNIs), High Net Worth Individuals (HNIs) and Institutions.
The Kanodia Group, which was established as a player in the cement industry, has since expanded its portfolio to include sectors such as hygiene, building solutions, media and real estate.
The Kanodia Group has committed to investing more than Rs 5,000 crore in the industry over the next 5-7 years, with plans to launch a series of real estate projects.
Kreeva has acquired a prime land parcel in South Delhi for around Rs 350 crore and will develop a luxury residential project spread across 500,000 sq ft.
“This is ASK’s first investment in a vertical residential project in Delhi and this will bring a differentiated residential experience to South Delhi, where the market is primarily known for independent floors,” said Amit Bhagat, Co-founder, CEO and MD, ASK Property Fund.
Earlier, Shapoorji Pallonji Real Estate (SPRE) had entered into a joint venture with Kreeva, to develop a luxury residential project at Sector 46 in Gurugram.
The project is also baked by Rs 270 crore investment by the ASK.
The south Delhi land is acquired from a leading conglomerate, and is now approved for a luxury vertical residential development.
“We see a growing desire among families in Delhi for the security and lifestyle that only a gated vertical community can offer. With acquisition of this land parcel, we will able to create that space,” said Gautam Kanodia, Founder, KREEVA and Kanodia Group.
The development will comprise spacious 3.5, 4.5 and 5.5 BHK apartments in a market dominated by independent floors.
“We have long-term conviction on the NCR real estate market, given its economic depth and the structural expansion opportunity it provides over the next decade. Institutional capital providers like us would have significant opportunities to provide growth capital to developers for land acquisition,” said Bhavin Jain, CIO, ASK Property Fund.
“Our portfolio includes the acquisition of government auctioned land, high-value city-centric approved land acquisitions from corporates,” Jain said.
ASK Property Fund, has raised Rs 8,900 crore (US$ 1.3 billon) since 2009, and investors include Family Offices, Ultra High Net Worth Individuals (UHNIs), High Net Worth Individuals (HNIs) and Institutions.
The Kanodia Group, which was established as a player in the cement industry, has since expanded its portfolio to include sectors such as hygiene, building solutions, media and real estate.
The Kanodia Group has committed to investing more than Rs 5,000 crore in the industry over the next 5-7 years, with plans to launch a series of real estate projects.
