ASK Group books profits worth Rs 830 cr from equity funds focusing on real estate

The funds typically invest early in a real estate project and book returns once the properties get sold or some investor takes them over.

PTIUpdated: Tuesday, December 06, 2022, 10:15 PM IST
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ASK Group on Tuesday said its real estate-focused private equity funds have booked exits of Rs 830 crore in 2022.

The funds, which typically invest early in a real estate project and book returns once the properties get sold or some investor takes them over, have booked exits of Rs 1,300 crore since the first transaction in April 2021, a statement said.

The latest exit was a Rs 220 crore one in Gulshan Homz's project Gulshan Dynasty in Noida, it said, adding that other exits include Jewel Square and Kumar Prospera in Pune, TVS Green Enclave in Chennai, and Gulshan One 129 in Noida.

The average return across 18 completed exits is 22.33 per cent, it said.

“We are pleased with the performance of our investments and these latest exits demonstrate the effectiveness of our approach,” ASK Property Fund's chief executive and managing director Amit Bhagat said.

Bhagat said Noida is one of its chosen markets and the company is looking forward to deploying additional growth capital in such markets.

Noida has witnessed an over 30 per cent increase in sales, and also experienced greater weighted average price appreciation when compared with neighbouring markets, the ASK statement said.

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