22, Feb 2023
ASK Finance invests Rs. 40.00 Cr. in a Sowparnika Project
Bangalore – ASK Finance, the NBFC vertical of ASK Group has closed a debt transaction of Rs. 40 Cr. with Sowparnika Projects & Infrastructure Pvt. Ltd, a reputed real estate brand in the affordable housing segment. Mr. Maneesh Yadav, CEO & MD, of ASK Finance said, “Working capital for affordable homes in economic growth corridors by reputable developers who have a good delivery track record is key to our strategy considering huge demand in this segment and supportive government initiatives for affordable homes.”
The investment has been made in Sowparnika Ashiyana, a mid-income affordable project near Whitefield, Bangalore with 750 + homes. Sowparnika has a proven track record of developing & delivering affordable homes in Bangalore, Mysore, Coimbatore & several locations across Kerala for nearly 2 decades now.
The Sowparnika group has developed over 5.2 Mn sft & handed over 7500 homes across these locations. ASK group is known for its strong research-based investments, asset management, a real estate private equity funds, wealth advisory, and multi-family office businesses. The Group has over US$ 9.3 bn of Assets Under Management as of 31st December 2022.
Sowparnika Projects & Infrastructure Pvt. Ltd’s MD, Mr. Ramji Subramaniam, stated that their company remains committed to the affordable housing segment. They have recently launched two new projects in Hoskote and Sarjapur, both of which have garnered significant interest from prospective homebuyers. Mr. Subramaniam expressed his confidence in the company’s philosophy, as evidenced by its partnership with ASK Finance, and looks forward to forging similar partnerships in future developments.