NEW DELHI: ASK Property Fund, the real estate arm of Blackstone-backed ASK Asset & Wealth Management Group, has invested ₹260 crore in the Kanodia Group’s real estate venture, Kreeva.
Kreeva has procured a prime land parcel in South Delhi for approximately ₹350 crore and plans to develop a luxury residential project covering 500,000 sq ft.
“This marks ASK’s inaugural investment in a vertical residential project in Delhi, aimed at providing a unique residential experience in a market mainly characterized by independent floors,” stated Amit Bhagat, Co-founder, CEO, and MD of ASK Property Fund.
Earlier, Shapoorji Pallonji Real Estate (SPRE) entered a joint venture with Kreeva to create a luxury residential project in Sector 46, Gurugram, with an investment of ₹270 crore from ASK.
The land in South Delhi, acquired from a leading conglomerate, is now approved for a luxury vertical residential development.
“We observe a growing demand for the security and lifestyle that gated vertical communities offer among Delhi families. This land acquisition enables us to develop such a space,” remarked Gautam Kanodia, Founder of KREEVA and Kanodia Group.
The development will feature spacious 3.5, 4.5, and 5.5 BHK apartments in a market primarily comprised of independent floors.
“We possess long-term confidence in the NCR real estate market, given its economic robustness and the potential for structural expansion over the next decade. Institutional investors like us see significant opportunities to provide growth capital to developers for land acquisitions,” commented Bhavin Jain, CIO of ASK Property Fund.
“Our portfolio includes acquisitions of government auctioned land and high-value, city-centric approved land from corporates,” Jain added.
ASK Property Fund has raised ₹8,900 crore (approximately $1.3 billion) since 2009, with investors that include family offices, ultra-high-net-worth individuals (UHNIs), high-net-worth individuals (HNIs), and institutions.
The Kanodia Group, originally established in the cement industry, has diversified its portfolio to include hygiene products, building solutions, media, and real estate.
The Kanodia Group plans to invest over ₹5,000 crore in the industry over the next 5-7 years, aiming to roll out a series of real estate projects.
