Realty firm Gulshan Group clears Rs 125 cr debt of ASK Property Fund
Real estate firm Gulshan Group has cleared a Rs 125-crore debt that the company took from ASK Property Fund for development of its mixed-use project in Noida.
The company said in a statement that it has given exit to ASK Property Fund by paying off the debt of Rs 125 crores.
Gulshan Group took the loan from ASK Property Fund in September 2020 for its mixed-use project ‘Gulshan One29’ located near Noida Expressway, in Sector 129.
With the loan closure, ASK Property Fund has achieved an internal rate of return (IRR) of 21 per cent.
”Covid time was challenging, but the ASK team has an excellent understanding of the Noida market, which was reflected in their approach to investment. The patient capital with a focus on completion helped us through the most difficult period. I am optimistic that we will have many more possibilities to collaborate,” said Deepak Kapoor Director of Gulshan Group.
The project ‘Gulshan One29’ is an ultra-modern commercial complex and is strategically located close to IT Parks, and high-end residential and commercial zones. The project consists of retail, commercial spaces and a multiplex spread across 4,37,190 square feet.
Gulshan Group is one of the leading real estate developers in the NCR. It has developed many luxury residential projects and has forayed into the commercial real estate sector with its mixed-use project.
ASK Property Fund is the real estate private equity arm of the ASK Group.
Amit Bhagat, CEO & MD, ASK Property Fund said, ”We realised the counter cyclical opportunity in the market for investment in 2020 and accelerated our efforts for identifying opportunities. Noida has been a preferred market for us since 2010 since it has a strong job corridor and is supported by good physical and social infrastructure.” The fund is in the midst of finalising a few more investments and are prepared for accelerated deployment with a robust pipeline, he added.
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