Mumbai: The real estate-focused private equity arm ASK Group announced on Wednesday an investment of Rs 200 crore in a mid-income housing project promoted by the developer Kalpataru Group. However, the company did not disclose the quantum of the stake in the project. ASK Property Investment Advisors (ASK PIA) invested in the project in Pune's Baner locality spread on a 16-acre land parcel which will have 1,200 residential units with a saleable area of approximately 1.9 million square feet, according to an official. statement. ASK's statement said Baner is a centrally located residential neighborhood with well-established social and physical infrastructure near Mumbai-Bengaluru National Highway. It has also grown as an IT employment hub with 13 million square feet of IT parks/office complexes. "This is our 14th project in Pune, and with this investment, ASK Group has now invested in projects spanning 12 million square feet, including over 8,500 residential units, central city office space, and an IT economic zone in Pune." ASK PIA's managing director and chief executive Amit Bhagat said. This is the vehicle's maiden bet on a project promoted by Kalpataru, and Bhagat pointed to strong brand reputation, in-house quality construction capabilities, and timely project delivery track record as pull factors. [caption id="attachment_4362" align="alignnone" width="300"] ASK Group[/caption] “The past few years have seen a consolidation in demand for large-scale, implementation-focused, and reputable developer residences. Affordable and middle-income homes have seen a major boom and prices have recently fallen to their lowest levels.” ASK Group's chief executive and managing director Sunil Rohokale said. He said that interest rates on home loans are at their lowest level in 10 years and that the concessions on stamp duties or installments, and flexibility for developers, have increased the ability to afford the costs of buying a home. Therefore, all middle-income or affordable projects close to completion that are in growth lanes and have achieved financial close will see a significant advantage. SK PIA has raised around Rs 5,000 crore since 2009, and investors include family offices, ultra-high net worth individuals (UHNI), high net worth individuals (HNI), and institutions, according to the statement.