Real estate fund house ASK Property Investment Advisors has said it is planning to fund to invest in Indian real estate projects.
The company has already committed $40 million (Rs 200 crore) out of its second domestic fund. It has formed a subsidiary in Singapore that will be raising this offshore fund. To be launched in July, the ASK Real Estate Special Opportunities Fund plans to invest in projects with a completion cycle of three-four years.
“We are a domestic fund and are constantly looking for opportunities in the domestic markets. Developers are constantly scouting for investments to buy land. We have so far deployed funds in ten investments,” Mr Amit Bhagat, Managing Director and CEO, ASK Property Investment Advisors, said.
The average investments will be to the tune of Rs 75-125 crore. The second fund will invest in mid-sized development projects in key cities such as Delhi-NCR, Mumbai, Pune, Bangalore and Chennai. The ASK Group had raised its first domestic fund of $75 million in 2009. It was also targeted at residential segment. “We have committed 100 per cent of the first fund,” he added. Industry sources note that realty focussed funds pan-India are looking to rise over $5 billion from both domestic and offshore markets.