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ASK Property Fund Exits From Gulshan Homz's Noida Project

ASK anticipates increased exit momentum in 2022-23 period.

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ASK Property Fund, the real estate private equity arm of the ASK Group, has exited from Gulshan Homz’s project, Gulshan One 29 in Noida. 

Ask Property Fund made an investment of Rs 125 crore in September 2020 and has achieved an Internal Rate of Return (IRR) of 21 per cent, the company said in a statement on Monday.

“We realised the counter cyclical opportunity in the market for investment in 2020 and accelerated our efforts for identifying opportunities. Noida has been a preferred market for us since 2010, as it has a strong job corridor and is supported by good physical and social infrastructure,” said Amit Bhagat, CEO & MD, ASK Property Fund.

“At present, we are in the midst of finalising a few more investments. We are prepared for accelerated deployment with a robust pipeline. We also anticipate increased exit momentum in 2022-23,” Bhagat added. 

According to Deepak Kapoor, Director, Gulshan Homz, “Covid time was challenging, but the ASK team has an excellent understanding of Noida market, which was reflected in their approach to investment. The patient capital with focus on completion helped us through the most difficult period. I am optimistic that we will have many more possibilities to collaborate.” 

ASK Property Investment Advisors (ASK PIA), the alternate asset investment arm of the ASK group, is set up to manage and advise real estate dedicated funds, the statement added. The focus is on private equity investments in self-liquidating mid-income & affordable residential and commercial segments. ASK PIA had raised around Rs 5,000 crore since 2009, the statement said.