ASK Property Fund has raised Rs 15 billion for the development of affordable residential properties in India. The real estate private equity firm aims to build around 10,000 affordable homes in major metropolitan areas across the country. This move comes as a response to the growing demand for affordable housing, particularly in urban areas, where housing costs have been skyrocketing.
The fund has already started working on multiple projects in Pune, Mumbai, and Bengaluru, which will offer apartments ranging from 300 to 500 square feet. These projects will primarily cater to the middle-income segment of society, with prices ranging from Rs 30 lakh to Rs 60 lakh. The development will be a mix of greenfield and brownfield projects, which means both new construction and redevelopment of existing properties.
ASK Property Fund has partnered with various developers, including Godrej Properties, Shapoorji Pallonji Real Estate, and TVS Emerald, to execute these projects. The firm aims to provide high-quality construction and amenities at affordable prices, which will enable more people to own homes in urban areas.
The government of India has also taken several initiatives to promote affordable housing, including the Pradhan Mantri Awas Yojana, which aims to provide affordable housing to all eligible beneficiaries by 2022. This has created a huge demand for affordable housing projects in the country, and ASK Property Fund’s investment is a step in the right direction.
The real estate industry in India has been facing several challenges, including a liquidity crisis, lack of demand, and regulatory hurdles. However, affordable housing remains one of the few bright spots in the industry, and many developers and private equity firms are investing in this segment.
ASK Property Fund’s investment in affordable housing is a testament to the growing demand for affordable homes in urban areas. The firm’s focus on providing high-quality construction and amenities at affordable prices is a welcome move, and it is expected to have a positive impact on the real estate industry in India.
In conclusion, ASK Property Fund’s investment of Rs 15 billion in affordable residential development is a significant step towards addressing the growing demand for affordable housing in India. The fund’s partnership with leading developers and focus on providing high-quality construction and amenities at affordable prices is expected to make homeownership more accessible to the middle-income segment of society. This move is in line with the government’s initiatives to promote affordable housing and is likely to have a positive impact on the real estate industry in India.