ASK Property Fund invests Rs 340 crore in Mantra Group’s 3 residential projects in Mumbai, Pune

ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset & Wealth Management Group, has invested Rs 340 crore in realty developer Mantra Group’s portfolio comprising three residential projects spread over a total 22 acres land in Mumbai and Pune.

This investment will help Mantra Group acquire two projects through the National Company Law Tribunal (NCLT) route, as well as support an additional ongoing residential project.

“We remain committed to providing growth capital for land acquisition of residential projects linked to approvals and requiring financial closure of up to Rs 500 crore,” Amit Bhagat, Co-founder, CEO & MD, ASK Property Fund.


One of the projects is located close to Jogeshwari-Vikhroli Link Road in Mumbai, and two in Pune’s Wakad and Mundhwa localities. The Mumbai project is a 9-acre layout, while Wakad and Mundhwa are spread over 5 acres and 8 acres, respectively.

“Two of these three projects have been stuck for a significant time, leaving many homebuyers in a lurch. In the Mumbai project, Mantra’s acquisition and ASK Property Fund’s investment will impact the lives of 576 families residing on the land parcel and another 350 families who had purchased homes in the erstwhile proposed development,” said Rohit Gupta, CEO, Mantra Properties.

Part of the allocated funds will be directed towards settling outstanding dues owed to financial creditors, with the balance utilised to address the projects’ working capital requirements. The move aligns with ASK Property Fund’s strategy of investing in high quality residential developments in high potential urban markets.

The investment highlights the growing role of private equity capital in reviving stalled housing projects through structured investments and court monitored resolution processes. According to industry experts, such deals not only help unlock stuck inventory and improve cash flows for developers but also aid faster resolution under the insolvency framework.

With several old residential developments across key urban markets facing stress due to funding gaps and delayed approvals, investors are increasingly stepping in to enable project completion while safeguarding homebuyer interests.

As demand for mid income and premium housing remains steady in cities like Mumbai and Pune, capital support tied to execution and approvals is expected to remain a key theme in residential real estate investments.