Tag Archives: Pashmina Developers

ASK partners with Sushil Mantri in a residential project in Bengaluru

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Affinity, Pashmina Developers, ASK Investment, Bangalore real estate news, india real estate news, property news india, track2media, track2realty, ravi sinhaASK Property Investment Advisors (ASKPIA), the real-estate private equity arm of ASK Group announced on Wednesday, Sep 12, an investment in an affordable luxury residential project in the heart of Bengaluru city. The project which is around Rs.450 crore, is located in central Bengaluru’s prime area opposite the 240 acre Lalbagh green space. ASK Fund’s investment will be to the tune of Rs. 100 crores in the Special Purpose Vehicle set up for executing this project.

Speaking about this investment, Sushil Mantri, Chairman of Mantri Developers said, “This is one of the few developments being undertaken in the heart of the city. Given our experience and brand we are confident of delivering a high quality product that would appeal to the preference of the customers. This second partnership with ASK group would enable us to execute such projects with agility, which is our strength”

Sunil Rohokale, CEO and MD, ASK Investment Holdings said, “This is our second investment with Sushil Mantri group and we are committed to multiple partnerships with our existing partners. We are bullish on the outlook of Bengaluru real estate market which is a stable market due to constant job creation.”

Amit Bhagat, CEO and MD, ASK Property Investment Advisors said, “The prime project location coupled with Mantri brand and strong project delivery team should ensure that our investors get superior risk adjusted returns from this investment. The quick absorption in city-centric projects with reputed brands will yield higher returns to the Fund.”

ASK Group, which has emerged as a leading player in the Real estate Fund business manages domestic real estate funds of more than Rs 1,300 cr. This investment is a part of Rs 1,000 crore raised through the ‘ASK Real Estate Special Opportunities Fund’ in 2012. The Fund has already made two investments in past in Mumbai with Rajesh Builders and Godrej Properties. This is their first investment in Bengaluru.

ASK Investment floats realty company

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Affinity, Pashmina Developers, ASK Investment, Bangalore real estate news, india real estate news, property news india, track2media, track2realty, ravi sinhaFinancial services firm ASK Investment Holdings Pvt. Ltd, has floated a real estate company, Pashmina Developers. The Mumbai-headquartered venture aims to develop properties across India and has acquired land in Bangalore, Pune and Mumbai. Asit Koticha, Chairman of ASK will be Pashmina’s chief investor.

SK Investment, named after Koticha and brother Sameer, has a diversified portfolio that includes a wealth management arm and a realty-focused private equity fund that is raising Rs.1,000 crore for investing in residential developments.

Pashmina could mark the beginning of another phase of real estate start-ups by financial experts. The previous round was in 2009-10, when a number of entrepreneurs ventured into real estate development with a focus on affordable or budget housing.

Among them were ex-Citibankers Jaithirth Rao and P.S. Jayakumar, who launched Value and Budget Housing Corp. (VBHC), and Ramesh Ramanathan, who set up Janaadhar Constructions Pvt. Ltd.

Pashmina has an immediate project pipeline of nearly 3.8 million sq. ft. and expects its first four projects to earn a total revenue of Rs.2,500 crore in three years.

According to company sources Koticha has always been interested in real estate and strategic land buys and was only waiting for the right time to enter the industry.

Koticha admitted Pashmina’s land bank was created over a few years with a plan to enter into the real estate business either on his own or with other developers. Eventually, he decided to pursue it on his own.

Pashmina has a robust pipeline that includes a host of redevelopment projects in central Mumbai’s Dadar area, a second residential project in Bangalore and a 100-acre land parcel in Pune for developing a township.

The company’s first project, Pashmina Waterfront, is a 16-acre residential development with eight 32-storey towers to be built in phases along Old Madras Road, an arterial road in Bangalore. It will be launched this year.

Bangalore was the natural choice to launch Pashmina’s maiden venture, said Koticha. “Bangalore is in the radar for any developer… it’s a cleaner market in terms of computerized land titles and smoother approvals,” he said.