ASK realty cracks Rs.2,000 cr housing venture

The real estate firm ATS recently launched a new venture HomeKraft to develop mid-income and affordable housing projects at an investment of Rs 2,000 crore over the next five years to build about 6,500 units across major cities. Affordable housing has gained an added momentum on the back of interest subsidy offered by the government and lower GST rates. HomeKraft will develop homes of size ranging from 950 sqft to 1,600 sqft where the size of the flat is lower than 1,600 sqft and will be offered to customers, said chairman and founder Getamber Anand, who is also the chairman of realtors' body CREDAI. He further added that the company has already entered into joint development agreements with land owners for four projects covering 10 million sqft of saleable area. CEO, HomeKraft's, Prasoon Chauhan said that the company plans to develop about 6,500 units over the next 3-5 years with expected sales revenue of Rs 4,000-5,000 crore. The investment in the project would be through internal accruals, debt and private equity funds. The company is building on the legacy of ATS, which is synonymous with quality construction and timely delivery and moreover, in HomeKraft it is also designing every apartment with maximum space efficiency and integrated utilities to full fill the housing needs in the affordable segment.