ASK Property Fund, the real estate private equity arm of Blackstone backed ASK Asset & Wealth Management Group, has announced the successful investment of INR 190 crore in a project being developed by Kalpataru. The project is an upper mid-segment project, located in Borivali West, comprising 310 units and is spread across 6 acres with a total saleable area of about 6.5 lakh square feet.
The project is strategically located, with convenient access to excellent road, rail and metro network. The catchment also boasts of developed social infrastructure and is a major driver for buyers preferring the western suburbs of Mumbai. The funds will be deployed for acquisition and working capital requirement of the project.
Bhavin Jain, CIO, ASK Property Fund said, “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. The investment is perfectly aligned with our investment strategy and marks a significant milestone of identifying repeat opportunities with existing relationships”.
“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 & sustained sales velocity for the residential project being redeveloped,” he added.
As per ASK Property Fund Research, Borivali continues to be a dynamic catchment with substantial potential for property value appreciation. The market 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 coming years.
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