ASK Property Investment Advisors establishes fund company in GIFT City

BENGALURU : ASK Property Investment Advisors (ASKPIA) received approval from the International Financial Services Center Authority (IFSCA) to open a branch in GIFT City, Gandhinagar.

ASK Real Estate Fund-2, sponsored by ASKPIA, also received approval for the first real estate focused fund of funds as Alternative Investment Fund (AIF), Category III.

ASK said private equity investments in real estate have increased over the past year, mainly thanks to foreign funds investing in the country, as the recovery in real estate is evident.

The sector is attractive to foreign investors due to opportunities in the residential, mixed-use, commercial, retail, industrial and other segments.

The establishment of the IFSC has made the investment process more efficient and streamlined for investment flows from NRIs and global investors to domestic markets.

“Fund companies like ASK will open doors for various NRIs, HNIs and global funds to invest in AIFs at GIFT IFSC. It has become a natural fit for large fund companies to set up offices at GIFT IFSC and attract offshore funds for investments in India. With this development, the momentum of Indian and global institutions to create funds similar to GIFT IFSC is accelerating, ”said Tapan Ray, Managing Director and Group CEO (MD & CEO) of GIFT City.

ASK said it expects GIFT city to become the gateway for inbound investments and become the preferred destination for establishing FIAs.

Amit Bhagat, CEO and Managing Director of ASKPIA, said: “The government’s proactive policies in setting up this initiative to attract foreign investment is a welcome step for fund managers. We appreciate the response from IFSC decision makers and their concern to understand our requirements. The IFSC helps fund managers with new avenues to attract global capital. With historically low mortgage 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 stage of growth in our real estate fund business. “

“… GIFT’s city branch is an effort to further develop our international business as we see increased demand for India-focused investments among global investors. The GIFT City Fund of Funds is an opportunity for global investors to participate in the recovery of the Indian real estate sector, ”said Sunil Rohokale, Managing Director and CEO of ASK Group.

To subscribe to Mint newsletters

* Enter a valid email address

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our app now !!