ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has invested ₹190 crore in a project being developed by Kalpataru in Mumbai. This is the fund’s second investment in the builder.
The upper mid-segment project comprises 310 units and is spread across 6 acres with a total saleable area of about 6.5 lakh square feet. The funds will be used 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 Chief Investment Officer Bhavin Jain.
“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,” he added.
As per ASK Property Fund Research, Borivali real estate offers substantial potential for property value appreciation. The market has experienced a significant increase in absorption over the past two years, with an 18-20 per cent increase in sales in 2023.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.