This is ASK PIA’s sixth investment in Noida and second investment in Gulshan Homz
ASK Property Investment Advisors, the real estate private equity arm of the ASK Group, has invested Rs 125 crore in Gulshan Homz’s mixed-use project in Noida, NCR
The mixed-use project comprising retail, commercial and a multiplex is spread across approximately around 4 lakh sq ft. The land is fully paid for and has all approvals in place. Construction is currently at an advanced stage with completion expected in 2021.
The project is located along Noida Expressway along the city’s IT corridor surrounded by over around 50,000 residential units while another 20,000 units are nearing completion.
“With Noida’s commercial real estate market growing rapidly in recent years, the upcoming development is expected to further attract reputed corporates and help build the city’s social infrastructure,” the company said.
This is ASK PIA’s sixth investment in Noida and second investment with Gulshan Homz. It had earlier invested Rs 135 crore with the same builder in July 2019.
“Both projects are in line with ASK PIA’s strategy of providing funds to projects to facilitate project execution and completion. Demand and cash flows follow the projects with no completion risk,” said Amit Bhagat, CEO and MD, ASK Property Investment Advisors.
The project is expected to be completed by end of 2021, said Deepak Kapoor, Director, Gulshan Homz.“The real estate sector has been facing an ongoing liquidity crisis since 2018 and there has been a further impact on cash flows since the pandemic. This has led to a severe liquidity crunch for the sector. The current crisis provides an opportunity to select projects which can be turned around with a focus on execution and completion,” said Sunil Rohokale, MD and CEO, ASK Group.