ASK Property Fund, KREEVA, the real estate arm of the Kanodia Group, and ShapoorjiPallonji Real Estate will jointly invest over ₹270 crore in a luxury housing development in Gurugram. According to the company’s statement, the project in Sector 46 covers 1.74 acres and expects to generate over ₹1,200 crore in revenue over the next five years. Sector 46 is a well-established residential area in Gurugram, benefiting from its proximity to major job hubs and well-developed social infrastructure.
“We recognize the project’s revenue potential due to its prime location within an established catchment area. With significant equity from KREEVA and partnership with ShapoorjiPallonji Real Estate, this project effectively minimizes 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 alternative asset investment division of the ASK Group, specializing in managing and advising real estate-focused funds. Kanodia Group, known for manufacturing cement and personal hygiene products, has recently expanded into the real estate and media sectors. This strategic move reflects the group’s growing presence across diverse industries.
