The investment has been made in Sowparnika Ashiyana, a mid-income affordable project near Whitefield, Bangalore, with over 750 homes. According to the sources the raised capital will be used for the construction and give exit to Edelweiss.
“Working capital for affordable homes in economic growth corridors by reputable developers who have a good delivery track record is key to our strategy considering huge demand in this segment and supportive government initiatives for affordable homes,” said Maneesh Yadav, CEO & MD, ASK Financial Holdings.
The Sowparnika group has developed over 5.2 mn sft of affordable homes and has handed over 7500 homes across these locations. Sowparnika has developed projects across Bangalore, Mysore, Coimbatore & several locations across Kerala.
ASK group has over $9.3 bn of Assets Under Management as of 31st December 2022. Last year, ASK Property Investment Advisors, the alternate asset investment arm of the ASK Group, has raised over $80 million or Rs 610 crore through the initial closing of its sixth real estate fund. The funds will be invested in the residential markets of Mumbai, Pune, Noida, Gurgaon, Bengaluru and Chennai.
“ The company remains committed to the affordable housing segment. We have recently launched two new projects in Hoskote and Sarjapur, which have garnered significant interest from prospective homebuyers,” said Ramji Subramaniam, MD of Sowparnika Projects & Infrastructure.
Working in sync with the Prime Minister’s Housing Scheme, “Homes for All by 2025”, Sowparnika has focussed on affordable homes. The segment has received a further boost with the government’s proposal in the Union budget 2023-2024 to increase the outlay for PMAY, infrastructure spending and setting up of a dedicated urban infrastructure fund. According to JLL, in 2023, the residential segment is expected to see new launches remain well under control in most top cities. In 2022, there were 247,000 new residential units launched, the most in over a decade and second only to the previous high of 281,000 units in 2010. This represents a year-over-year growth of 81% compared to last year
