ASK Group to invest Rs. 500 cr in residential projects.

ASK Property Investment Advisors (ASK PIA), part of the diversified financial service company ASK Group, will invest upwards of Rs. 500 crore across multiple mid-market residential projects in India by the end of this calendar, said the group's chief executive.

ASK PIA has just raised $50 million (approximately Rs. 360 crore) of its $200 million offshore fund in Singapore, part of which will be deployed in FDI compliant residential developments in Mumbai, Pune, Chennai, Bangalore and Delhi-NCR. Three European and Asian institutional investors participated in ASK's maiden India focused real estate fund.

The company also plans to utilize the remaining capital of Rs 400 crore from its second domestic fund of Rs 1,000 crore, which was raised three years ago. Till date ASKPIA has invested Rs. 950 crore across 12 residential developments in India. The company has also made exits of about Rs. 145 crore; returning 50% of the capital from its first domestic fund in 2010, back to investors.

Times Of India