ASK Property Fund, Shapoorji Pallonji Real Estate and KREEVA — the real estate arm of Kanodia Group — have announced a joint investment of over Rs 270 crore to develop a luxury housing project in Gurugram.
The residential project is located at Sector 46 in Gurugram, and it is spread across 1.74 acres. The joint development project is eyeing a topline of more than Rs 1,200 crore over the next five years, according to the developers.
Also Read: ASK Property Fund to raise Rs 2,000 crore for Indian real estate by FY25
“We’re excited to announce another investment in Gurgaon. We recognise the project’s revenue potential due to its prime location within an established catchment area. With significant equity from KREEVA and in partnership with Shapoorji Pallonji Real Estate, this project minimises risk. It has the making of a compelling investment opportunity for us,” said Bhavin Jain, Chief Investment Officer (CIO) of ASK Property Fund, in a statement.
ASK Property Fund is the alternate asset investment arm of the ASK group set up to manage and advise real estate dedicated funds.
Venkatesh Gopalakrishnan, Director, Group Promoter’s Office, Managing Director (MD) & Chief Executive Officer (CEO) of Shapoorji Pallonji Real Estate, said that the collaboration with KREEVA and ASK Property Fund for the project underscores the company’s commitment to delivering high-quality residential developments that meet the evolving needs of discerning homebuyers.
Gautam Kanodia, founder of KREEVA and co-founder of Kanodia Group, said that the collaboration with Shapoorji Pallonji Real Estate and ASK Property Fund would expedite the development of the project.
Earlier this year, Kanodia Group had acquired 1.74 acres of land in Sector 46, Gurugram, for Rs 153 crore to develop a luxury housing project.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
