ASK Property Fund, Kreeva, and Shapoorji Pallonji RE Forge Strategic Alliance for Luxury Residential Project in Gurugram

ASK Property Fund, Kreeva (the real estate arm of Kanodia Group), and Shapoorji Pallonji Real Estate have announced a groundbreaking joint venture to develop a luxury residential project in Sector 46, Gurugram. This strategic alliance marks a major milestone in the Delhi-NCR real estate landscape with an initial joint investment exceeding INR 270 crore. The project, spread across 1.74 acres, is expected to generate top-line revenues of over INR 1,200 crore within the next five years.

Prime Location and Promising Prospects

Bhavin Jain, CIO of ASK Property Fund, highlighted the significance of the location, stating, “We recognise the project’s exceptional revenue potential due to its prime location within an established catchment area. With significant equity from Kreeva and partnership with Shapoorji Pallonji Real Estate, this project effectively minimises risk, making it a compelling investment opportunity for us.”

Commitment to Quality and Expertise

Venkatesh Gopalakrishnan, Director, Group Promoter’s Office, and MD & CEO of Shapoorji Pallonji Real Estate, said, “Our collaboration with Kreeva and ASK Property Fund underscores our commitment to delivering high-quality residential developments that meet the evolving needs of discerning customers. This partnership leverages our collective expertise to set new benchmarks in luxury living within the Delhi-NCR region.”

Accelerating Development with Strategic Investment

Dr. Gautam Kanodia, Founder of Kreeva and Co-founder of Kanodia Group, expressed confidence in the collaboration, stating, “This partnership will expedite the development of our flagship project in Sector 46. With the luxury real estate market showing strong demand, this investment is crucial for our growth.”

Expanding Horizons with ASK's Support

Mayank Jain, CEO of Kreeva, added, “Securing strategic investment from ASK Asset & Wealth Management Group is a critical step for us. These funds will allow us to broaden our expansion plans. The partnership with ASK Property Fund and Shapoorji Pallonji Real Estate reflects their confidence in our vision. We are well-positioned to deliver luxury projects that cater to the growing market demand.”

Highlights:

• Historic Collaboration: ASK Property Fund, Kreeva, and Shapoorji Pallonji Real Estate join forces for a landmark luxury residential project.
• Strategic Investment: Initial investment of over INR 270 crore with projected revenues exceeding INR 1,200 crore.
• Prime Location: Project located in the well-connected Sector 46 of Gurugram.
• High-Quality Focus: Commitment to delivering luxury residences catering to Delhi-NCR’s evolving needs.
• Strong Demand: Project aligns with the growing demand for premium real estate in the region.
• Collective Expertise: The partnership leverages the strengths of three industry leaders.
• Growth Opportunities: The project represents a crucial step in Kreeva’s expansion strategy.

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