ASK Property Investment Advisors set up a fund business in GIFT City

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ASK Property Investment Advisors set up a fund business in GIFT City

ASK Property Investment Advisors set up a fund business in GIFT City.

ASK Property Investment Advisors (ASKPIA) has received approval from International Financial Services Centre Authority (IFSCA) to set up a branch office in GIFT City, Gandhinagar. ASK Real Estate Fund – 2 sponsored by ASKPIA has also received approval for the first real estate focused fund of funds as an Alternative Investment Fund (AIF), category III.

Private equity investments into real estate have surged over the last one year. The surge is mostly driven by foreign funds investing in India as the real estate recovery is now fully visible and the structural long-term changes are fructifying. The sector is very attractive to foreign investors due to abundant opportunities across residential, mixed-use, commercial, retail, industrial and other segments.

The establishment of the IFSC has made the investment process more efficient and simpler for investment flows from NRI’s and global investors into domestic markets. We foresee GIFT city emerging as the gateway for inbound investments and becoming the preferred destination for setting up AIFs.

Mr. Tapan Ray, MD and Group CEO of GIFT City said “Fund houses like ASK will open doors for various NRIs, HNIs and global funds to invest in AIFs at GIFT IFSC. It has become a natural choice for large fund houses to setup offices at GIFT IFSC and to attract offshore funds for investments in India. With this development the momentum of Indian and global institutions for setting up similar funds at GIFT IFSC is gathering pace.”

Mr. Amit Bhagat, CEO & MD, ASKPIA said, “Proactive policies of the government in setting up this initiative to attract foreign investments is a welcome step for fund managers. We appreciate the response of the decision makers in IFSC and their keenness to understand our requirements. The IFSC aids fund managers with new avenues of attracting global capital. With historically low home loan rates, we expect the real estate sector to attract more capital through this route and this branch is a step in preparing for the next leg of growth for our real estate fund business.”

Mr. Sunil Rohokale, MD & CEO, ASK Group said, “Over the last decade, ASK has been a leading fund manager among domestic HNIs, family offices and institutional investors. The GIFT city branch is an endeavour to further expand our international business as we see increased demand for India focussed investments amongst global investors. The GIFT city fund of funds is an opportunity for global investors to participate in the turnaround journey of India’s real estate sector.”

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