ASK Property Fund creates Rs 500 crore platform with Bhumika group

New Delhi: Blackstone-backed ASK Property Fund has signed a Rs 500 crore platform arrangement with realty developer Bhumika group to invest in real estate developments, including residential plotted colonies across lucrative micro markets in NCR.

The fund has committed Rs 125 crore in a 20-acre plotted development project located in Faridabad.

“This platform arrangement with ASK Property Fund is more than a capital partnership, it brings together two institutions that share a common philosophy of long-term value creation, disciplined execution and the highest standards of governance,” said Uddhav Poddar, Chairman and Managing Director Bhumika Group.


Faridabad is an emerging NCR micro-market, supported by land availability, improving infrastructure and competitive pricing. Key connectivity upgrades, including the Delhi-Mumbai Expressway link, the proposed FNG Expressway, the Faridabad-Jewar corridor and Noida International Airport, are expected to improve regional access and strengthen buyer interest.

“Plotted developments are seeing strong interest from buyers, particularly in emerging micro-markets where infrastructure growth and affordability can support long-term value creation,” said Bhavin Jain, Co-Head & CIO, ASK Property Fund.

With lower entry pricing than more mature NCR markets, Faridabad offers a compelling proposition for buyers. The project is positioned to capture demand for plotted residential formats that offer flexibility, manageable ticket sizes and potential for medium- to long-term appreciation.

The infrastructure developments are creating one of the most compelling real estate opportunities in the NCR.

ASK Property Fund is the alternate asset investment arm of the ASK group, set up to manage and advise real estate-dedicated funds. The focus is on private equity investments in the self-liquidating residential segment. ASK PIA has raised Rs 10,000 crores (US$ 1.34Bn based on exchange rate at the time of each investment) since 2009, and investors include Family Offices, Ultra High Net Worth Individuals (UHNIs), High Net Worth Individuals (HNIs) and Institutions.

Earlier this year, ASK Property Fund had invested Rs 260 crore with the Kanodia Group’s real estate venture, Kreeva.

Bhumika Group had earlier raised Rs 170 crore in debt in January from a real estate credit platform jointly managed by BGO and Aditya Birla Sun Life AMC.

The funding was for a mixed-use project by the company on Mathura road in Faridabad, which has a revenue potential of over Rs 1,500 crore.