Residential-focused ASK property Fund invests Rs.190 crore for Upper mid-level Project

ASK Property Fund, the real estate equity arm of Blackstone supported ASK Asset and Wealth Management Group, has said that it has put Rs.190 crore in an upper mid-portion project being developed by Kalpataru in Borivali West, Mumbai.

The funds will be allotted for securing and working capital needs of the redevelopment project, the organization said.

The project involves 310 units and is spread across 6 sections of land with a complete saleable area of around 6.5 lakh square feet.

According to ASK Property Fund research, Borivali has encountered a huge expansion in retention throughout the course of recent years, with a year-over-year expansion in deals of roughly 18-20% in 2023.

With increases of quality supply, the catchment has profited from a progressive property estimation appreciation and is probably going to pursue a gradual property value appreciation before long.

ASK Property Fund, is the other resource of Investment arm of the ASK group set up to oversee and exhort land committed reserves.

The attention is on confidential value interests in self-selling mid-pay and reasonable private and business portions.

ASK PIA has raised around Rs.6, 100 crore starting around 2009 and financial backers incorporate Family offices, Ultra High Net Worth Individuals - UHNIs, High Net Worth Individuals - HNIs and establishments.

Speaking to this development project, Bhavin Jain, CIO, ASK Property Fund says, “We are pleased to make our second investment with the Kalpataru Group. 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”.

Further he added, “The catchment is primarily an end-user market and benefits from infrastructure augmentation in the last few years. The inventory overhang is low and strong demand in the micro market will help to achieve healthy and sustained sales velocity for the residential project being redeveloped”.