ASK Property Fund Invests Rs 245 Cr in Gurugram Housing Project

New Delhi, Jan 29 (PTI) ASK Property Fund has invested Rs 245 crore in a housing project to be developed by Satya Group on Dwarka Expressway, Gurugram.

Satya Group will develop about 500 units in a 4.6-acre housing project, ASK said in a statement on Wednesday.

ASK Property Fund is a real estate arm of the Blackstone-backed ASK Asset & Wealth Management Group.

With a total saleable area of around 12 lakh square feet, the project has an aggregate revenue potential of Rs 1,600 crore in the next five years.

"This marks another strategic investment in Gurgaon, reinforcing our stronghold in the NCR Market," Bhavin Jain, CIO, ASK Property Fund, said.

The proposed project comprises about 500 units targeting mid- and upper-mid-income segment buyers and will be spread across 4.6 acres.

The fund will be deployed for land acquisition and the project's working capital requirement.

"This project offers end-users and investors both a great opportunity to be a part of the most exciting micro market of Gurgaon, Dwarka Expressway. We are committed to delivering value to our customers," Manish Agarwal, Founder of Satya Group, said.

Satya Group has developed 100 lakh square feet of commercial and residential projects over the past four decades in Delhi NCR, Bangalore, Punjab, and Madhya Pradesh.