ASK Property Fund Invests Rs 190 Cr In Kalpataru Project

ASK Property Fund, the real estate private equity arm of Blackstone backed ASK Asset & Wealth Management Group, has announced the successful investment of Rs 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.

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.