ASK Property Fund, KREEVA, Shapoorji Pallonji Real Estate to invest over ₹270 crore in luxury project in Gurugram

The project in Gurugram is spread across 1.74 acres, and is expected to generate top-line revenues exceeding ₹1,200 crore over the next five years.

ASK Property Fund, KREEVA, the real estate arm of the Kanodia Group, and Shapoorji Pallonji Real Estate will jointly invest over ₹270 crore in a luxury housing project in Gurugram.

ASK Property Fund, KREEVA, Shapoorji Pallonji Real Estate to invest more than ₹270 cr in luxury project in Gurugram. (Representational photo) (Photo by Parveen Kumar/ Hindustan Times)

The company statement said the luxury housing project, located at sec-46, Gurugram, and spread across 1.74 acres, is expected to generate top-line revenues exceeding ₹1,200 crore over the next five years.

Sector 46, Gurugram, is an established residential real estate market. It benefits from its proximity to established job corridors and developed social infrastructure, it said.

“We recognise the project’s revenue potential due to its prime location within an established catchment area. With significant equity from KREEVA and partnership with Shapoorji Pallonji Real Estate, this project effectively minimises risk, making it a compelling investment opportunity for us,” said Bhavin Jain, CIO of ASK Property Fund.

Venkatesh Gopalakrishnan, Director of the Group Promoter’s Office, MD, and CEO of Shapoorji Pallonji Real Estate, said, "Our collaboration with KREEVA and ASK Property Fund for the Sector 46 project in Gurugram underscores our commitment to delivering high-quality residential developments that meet the evolving needs of discerning customers.”

Gautam Kanodia, founder of KREEVA and Co-founder of Kanodia Group, said "Our collaboration with Shapoorji Pallonji Real Estate gives us the confidence to deliver this luxury project with a world-class experience.”

Mayank Jain, CEO of KREEVA said, "Securing strategic investment from ASK -Asset & Wealth Management Group is a critical step for KREEVA. These funds will allow us to broaden our expansion plans.”

ASK Property Fund is the alternate asset investment arm of the ASK group, set up to manage and advise real estate-dedicated funds. Kanodia Group manufactures cement and personal hygiene products. It has recently forayed into real estate and media businesses.