Mumbai-based fund manager ASK Group is looking to launch a Rs 1,000 crore domestic property fund once the lockdown gets over.

The fund manager feels there is good demand from first time homebuyers and developers need capital in the current scenario which is why the firm is looking to raise the fund, said Sunil Rohokale, managing director at ASK group.

Rohokale said ASK is also planning to launch offshore property fund. “Risk reward ratios are attractive now. We will invest in good quality projects focusing on first time buyers,” Rohokale said, adding that with developers’ expectations coming down and opportunities have increased. He said they aim to double their investment value in three to four years.

ASK group already has Rs 700 crore dry powder to invest in the projects and they would invest that in six months. Rohokale said there were some green shoots since November last year in the residential markets of Pune, Chennai, Bengaluru, and Delhi but the entire Covid-19 and lockdown has impacted the recovery. “It will take 3-6 months for the sector to reach the pre-March levels.”