ASK Property Fund, KREEVA, the real estate arm of the Kanodia Group and Shapoorji Pallonji Real Estate have announced a joint investment of Rs 270+ crores in a luxury housing project in Gurugram. The 270+ crores is an initial investment in the joint development project.
Located at sec-46, Gurugram, and spread across 1.74 acres, the luxury housing project is set to redefine the urban living experience in NCR’s real estate landscape. The project shall generate top-line revenues exceeding INR 1,200+ crore over the next five years.
Sector 46, Gurugram is an established residential real estate market. It also benefits due to its proximity to established job corridors and developed social infrastructure.
Mr. Bhavin Jain, CIO of ASK Property Fund, said, “We are excited to announce another investment in Gurgaon. 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.”
Mr. 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, “We are delighted to partner with ASK, whose financial backing validates our strategic direction. Our collaboration with Shapoorji Pallonji Real Estate gives us the confidence to deliver this luxury project with a world-class experience. 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 KREEVA’s growth.”
Mayank Jain, CEO of KREEVA, added, “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. 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.”
“The collaboration with them not only strengthens KREEVA’s financial capability but also underscores its position as a leading player in the luxury housing market. The Sector 46 project is expected to set a new benchmark in ultra-luxury residential development in the Delhi-NCR region. he added”.