ASK Property Fund ("ASK"), the real estate private equity arm of the ASK Group, announced its exit from Gulshan Homz's project, Gulshan One 29 in Noida. An investment of ₹125 cr. was done in September 2020 and has achieved an Internal Rate of Return or IRR of 21%.
Mr. Amit Bhagat, CEO & MD, ASK Property Fund said, "We realised the counter cyclical opportunity in the market for investment in 2020 and accelerated our efforts for identifying opportunities. Noida has been a preferred market for us since 2010 since it has a strong job corridor and is supported by good physical and social infrastructure. Gulshan's focus on execution and customer service were the key parameters for us to partner with them during tough times."
"We are in the midst of finalising a few more investments and are prepared for accelerated deployment with a robust pipeline. We also anticipate increased exit momentum in 2022-23," he added.
Residential prices in Delhi-NCR have witnessed their highest annual price increase of 14% during July-September at an average ₹7,741 per square feet. Another key metric, the unsold inventory, in the city dropped by 11% YoY during Q3 2022 according to recent reports.
Mr. Deepak Kapoor, Director, Gulshan Homz said, "Covid time was challenging, but the ASK team has an excellent understanding of Noida market, which was reflected in their approach to investment. The patient capital with focus on completion helped us through the most difficult period. I am optimistic that we will have many more possibilities to collaborate."