ASK Property Fund the real estate private equity arm of the ASK Group, announced cumulative exits of Rs. 830 crores in 2022 from various funds. The most recent was the exit from Gulshan Homz’s project, Gulshan Dynasty, in Noida. The exit amount was Rs 220 cr and has achieved a multiple of 1.63x and an IRR of 21%. The exit was self-liquidating with periodic distributions from sales and collection of the project.
With the latest exit, ASK’s exit sums up to Rs830 cr in 2022 and a cumulative total of Rs 1,300 cr. since April 2021 across all real estate investments. The average return across 18 completed exits is 22.33% and other exits include Jewel Square and Kumar Prospera in Pune, TVS Green Enclave in Chennai, and Gulshan One 129 in Noida.
Amit Bhagat, CEO & MD, ASK Property Fund said, “Gulshan Dynasty was the second exit from Gulshan Homz, following the successful exit of Gulshan One 129. Noida is one of our chosen markets and ASK Property Fund is looking forward to deploying additional growth capital in such thriving markets. We are pleased with the performance of our investments and these latest exits demonstrate the effectiveness of our approach. We have successfully executed a value-add strategy on a well-positioned catchment in order to achieve the target return. We thank our investors and developer partners who have put their confidence in our team as we have concluded another successful exit.”
The real estate market in Noida is anticipated to experience significant growth due to infrastructure improvements, the continued growth of employment clusters, and the focus of global players to set up data centres. The micro market saw YoY sales growth of more than 30% and also experienced greater weighted average price appreciation when compared with neighboring micro markets. Residential prices in Noida have witnessed their highest annual price increase of 15% by the end of Q3-22 (July to September) at an average ?7,775 per sq ft. Another key metric, the unsold inventory, dropped by 11% YoY during Q3-22 according to recent reports.
