ASK Property Investment Advisors has invested R40Cr in real estate developer - Paranjape Schemes' residential project in Pune. This is Ask property's last investment from it's R326Cr first fund, ASK Real Estate Special Opportunities Portfolio-1.

ASK has also invested R100Cr in a Mumbai realty project from it's new fund, however the details were not disclosed due to confidentiality clause.

The Paranjape group is in the real estate business since 1930 and PSCL is in the existence since 1987. The promoters of the company are Shrikant Paranjape and Shashank Paranjape having an experience of over two decades in the real estate business.

The company has already completed over 130 projects with a total saleable area of 6.33msf. Though, majority of the past projects were in Pune, the company has started increasing its presence in the markets like Mumbai, Chiplun, Kolhapur and Bangalore.

The Paranjape group executes its projects through PSCL and its various group companies. In the past, the investors from the corporate groups like HDFC, IL&FS, India REIT fund and California based Pacifica Group company have invested in PSCL or the Paranjape group’s project through their associate companies.

Launched in 2009, ASK Real Estate Special Opportunities Portfolio is a fund of ASK Property Investment Advisors, a venture of the ASK group set up to manage and advise real estate dedicated funds.

ASK Real Estate Special Opportunities Portfolio invests in cities like Mumbai, NCR, Bangalore, Chennai, Pune, Hyderabad and Kolkata.

This is the sixth investment from the fund. Last year in April, it invested R50Cr in Chennai-based real estate firm Real Value Group's SPV, which is developing a residential project of 6.75 lakh sq ft spread across 4.32 acres at Kottivakaam in Chennai.

It has also invested in real estate projects of Amit Enterprises Housing Ltd and Darode Jog Realties, worth R255Cr and R270Cr respectively.

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