Bengaluru-based Shriram Properties, the realty arm of diversified conglomerate Shriram Group, said it has raised ₹1,000 crore from PE firm ASK Group to set up a fund which will invest in affordable, mid-housing and distressed asset.

“We have raised ₹1,000 crore from ASK Group. We will be investing this corpus in affordable and mid-housing segment. With consolidation happening in the real estate space, the time is right to invest in affordable housing and mid-housing projects,” M Murali, Managing Director, Shriram Properties, told BusinessLine.

Murali said that the company will tap projects in cities where it already has presence. Shriram Properties has presence in residential projects in Bengaluru, Chennai, Coimbatore, Vizag and Kolkata.

The company said that it will be making the first investment in couple of months.

ASK Group is already an investor in various projects of Shriram Properties.

In the residential real estate space, the company has already delivered 18 million square foot projects. “We currently have about 20 million sq feet under various stages of construction. Our plan is to undertake about 70 million sq feet of development,” he added.

Murali said that the company also undertakes commercial real estate development. “Our focus is to build our residential portfolio,” he added.

Asked if the company is looking to expand in Mumbai, he said that Shriram Properties is keenly evaluating the market.

On its plans to hit the bourses, Murali said that the company is looking at an IPO. “We may look at entering the market in the next two quarters,” he added.

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