Shriram Properties & ASK Property Fund Plan an Investment Platform for Housing Projects

Shriram Properties and ASK Property Fund have agreed to establish a Rs 500 crore investment platform for the acquisition of housing projects. Under the platform arrangement, Shriram and ASK will co-invest in plotted and residential development projects in Bengaluru, Chennai, and Hyderabad. Both companies have signed a memorandum of understanding for the establishment of an investment platform for the acquisition of residential real estate projects.

Up to Rs 500 crore would be committed to the platform, and the pledged money is likely to be deployed within 12 months "said Shriram Properties.

Shriram and ASK have already committed their first investment under the new platform to a plotted development project in North Bangalore.

"Under the plan, the new platform will invest in a planned development project in North Bangalore. The platform would spend up to Rs. 125 crore in the purchase and development of this project, which already has the requisite permissions and infrastructure development that is half complete, according to the announcement.