ASK Property Fund, Kreeva (the real estate arm of Kanodia Group) and Shapoorji Pallonji Real Estate have announced joint development of a residential project in Sector 46, Gurugram, with a joint initial investment of Rs 270+ cr. Spread across 1.74 acres, the project shall generate top-line revenues exceeding Rs 1,200+ crore over the next five years.
Bhavin Jain, CIO of ASK Property Fund, said, “We recognise the project’s exceptional 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.”
Venkatesh Gopalakrishnan, director, group promoter’s office, MD & CEO of Shapoorji Pallonji Real Estate, stated, “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. This partnership leverages our collective expertise to set new benchmarks in luxury living within the Delhi-NCR region.”
Dr Gautam Kanodia, founder of Kreeva and co-founder of Kanodia Group, commented, “This partnership will expedite the development of our flagship project in Sector 46. With the luxury real estate market showing strong demand, this investment is crucial for our growth.”
Mayank Jain, CEO of Kreeva, added, “Securing strategic investment from ASK -Asset & Wealth Management Group is a critical step for us. These funds will allow us to broaden our expansion plans. The partnership with ASK Property Fund – and Shapoorji Pallonji Real Estate reflects their confidence in our vision, and we are well-positioned to deliver luxury projects that cater to the growing market demand.”
