ASK Property Fund Invests ₹190 Crore in Kalpataru's Mumbai Project.

ASK Property Fund, the real estate private equity arm of the Blackstone-backed ASK Asset & Wealth Management Group, has invested ₹190 crore in a project being developed by Kalpataru in Mumbai. This marks the fund’s second investment with the builder.

The upper mid-segment project, spanning 6 acres, includes 310 units with a total saleable area of approximately 6.5 lakh square feet. The investment will be utilized for acquisition and working capital requirements of the project.

“The redevelopment project is an exceptional investment opportunity, given its location within an established catchment area. Our growth capital is aimed at providing acquisition and necessary working capital funding,” said Bhavin Jain, Chief Investment Officer.

Jain highlighted that the area is primarily an end-user market and has benefited from significant infrastructure enhancements in recent years. With low inventory overhang and strong demand in the micro-market, the project is expected to achieve healthy and sustained sales velocity.

According to ASK Property Fund Research, Borivali's real estate market offers substantial potential for property value appreciation. The market has seen a significant increase in absorption over the past two years, with an 18-20 percent increase in sales in 2023.

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