NEW DELHI: ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset & Wealth Management Group, has invested Rs 245 crore for the development of a residential project in Sector 104, Dwarka Expressway, Gurugram.
With a total saleable area of approximately 1.2 milion sq ft, the project has an aggregate revenue potential of Rs 1,600 crore in the next five years.
Bhavin Jain, CIO, ASK Property Fund, said, “The entry point for acquisition provides an excellent margin of safety and aligns perfectly with our investment strategy.”
The proposed project comprises about 500 units targeting mid and upper-mid-income segment buyers and will spread across 4.6 acres.
The fund will be deployed for land acquisition and the project’s working capital requirement.
