Blackstone-backed ASK Group's real estate fund bets on Gurugram project
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Blackstone-backed ASK Group's real estate fund bets on Gurugram project

By Priyal Mahtta

  • 29 Jan 2025
Blackstone-backed ASK Group's real estate fund bets on Gurugram project
Credit: ThinkStock

Blackstone-backed ASK Group’s real estate investment arm has added another Gurugram-based housing project to its portfolio, it said on Wednesday. 

The investor, which launched the maiden luxury real estate-focused investment vehicle, has invested about Rs 245 crore in a middle-to-upper-middle segment housing project being developed by Gurugram-based builder Satya Group

This investment is in line with ASK Property Fund’s strategy to make post-approval bets in housing projects. The capital will be used for land acquisition and to meet the project’s working capital needs.

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"For the Satya transaction, investments are done only post approvals as the acquisition was linked to milestone payments related to key approvals in the project," ASK Property Fund said.

The investor, however, did not specify which vehicle this investment was made from.

The project will be located in Sector 104, Dwarka Expressway, Gurugram, with a total saleable area of approximately 1.2 million square feet. It will have the potential to generate revenue to the tune of Rs 1,600 crore in the next five years. The proposed project will have about 500 units spread across 4.6 acres of land. 

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“This marks another strategic investment in Gurgaon, reinforcing our stronghold in the NCR Market. The project will leverage Dwarka Expressway's outstanding connectivity and position in a transit-oriented zone. The entry point for acquisition provides an excellent margin of safety and aligns perfectly with our investment strategy,” said Bhavin Jain, chief investment officer at ASK Property Fund. 

The Gurugram micro market in the Delhi National Capital Region has been abuzz with real estate activity, especially in the last few months. In December, ASK Property Fund struck its second luxury housing bet in the micro market as it invested about Rs 270 crore in a residential project in Gurugram along with Shapoorji Pallonji Real Estate and the property arm of Kanodia Group.  Last February, it struck a deal to infuse around Rs 120 crore in a luxury residential project to be developed on Gurugram’s Golf Course Road by  TREVOC Group.   

Among other investors looking to strike gold in the real estate market, Kotak Real Estate Fund, the real estate private equity arm of Kotak Alternate Asset Managers, announced in October that it has invested about Rs 1,200 crore in Gurugram-based Elan Group

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Housing prices in the market have grown disproportionately compared to other key markets in India driven by high consumer demand in the micro market. According to a report published by real estate data analytics firm PropEquity, the price rise over the last five years has been at around 160% in Gurugram versus 37% in Mumbai, considered one of the most expensive realty markets in India. 

 

 

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