Blackstone-backed ASK Property Fund invests Rs 190 cr crore in Kalpataru project

ASK Property Fund, the real estate private equity arm of Blackstone backed ASK Asset & Wealth Management Group, has invested Rs 190 crore in realty developer Kalpataru’s upper mid-income housing project in Borivali suburb of Mumbai.

The project spread over a total 6-acre land parcel has development potential of around 6.5 lakh sq ft and estimated revenue potential of over Rs 1,200 crore. The funds will be deployed for acquisition and working capital requirement of the project.

This is ASK Property Fund’s second investment with the Kalpataru Group.



“The investment is perfectly aligned with our investment strategy and marks a significant milestone of identifying repeat opportunities with existing relationships. Our growth capital is aimed at providing acquisition, and necessary working capital funding,” said Bhavin Jain, CIO, ASK Property Fund.

According to him, the catchment for the project 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.

The work on this project is expected to commence in the next quarter as the developer is currently in the process of securing requisite approvals for the same.


The project entails redevelopment of two large housing societies Yoganand and Jay Kamakshi Society in this western suburb of Mumbai. The existing residents of these housing societies will receive a total redeveloped RERA carpet area of 2.95 lakh sq ft.

According to ASK Property Fund Research, the micro market of Borivali has experienced a significant increase in absorption over the past two years, with a year-over-year increase in sales of approximately 18-20% in 2023. With additions of quality supply, the catchment has benefited from a gradual property value appreciation and is likely to follow a similar trend in the next few years.

The Indian real estate market is experiencing a buoyant phase, characterized by a surge in institutional investments reflected in investments inflow of $3 billion in the first half of 2024. Mumbai has dominated the private equity investment landscape as inflows rose to $1.7 billion from $1.2 billion a year ago.

Indian private equity investors have also shown notable engagement, reaching impressive levels of participation not seen in the past decade.

ASK Property Fund focuses on private equity investments in self-liquidating mid-income and affordable residential and commercial segments. Since 2009, it has raised Rs 6,100 crore from investors including family offices, ultra-high net worth individuals, high net worth individuals and institutions.