ASK Property Fund, the real estate arm of the Blackstone- backed ASK Asset & Wealth Management Group, has announced a significant investment of INR 340 crore in a portfolio comprising three residential projects spearheaded by Mantra Group.

This investment aims to facilitate Mantra Group in acquiring two projects through the National Company Law Tribunal (NCLT) route, as well as supporting an additional ongoing residential project. 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. This strategic move underscores ASK Property Fund’s ongoing commitment to investing in high-quality residential developments situated within high-potential urban centres.

The projects are located in well-established micro markets: one close to JVLR, Mumbai, and two in Pune’s Wakad and Mundhwa (on-going). The JVLR project will benefit from seamless connectivity to major business and employment hubs across the Western and Eastern Express Highways. Similarly, the projects in Wakad and Mundhwa are strategically located in proximity to Pune’s IT hubs in the West and East, respectively. Another distinguishing feature of these projects lies in their expansive layouts – (9 acres in Jogeshwari, 5 acres in Wakad, and 8 acres in Mundhwa)—and a range of attractive configurations tailored to the preferences of end users.

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

Bhavin Jain, CIO, ASK Property Fund, said, “We are delighted to collaborate with Mantra Group on the acquisition of these promising projects via the NCLT route in Pune and Mumbai. We are confident that Mantra Group’s proven track record in project execution, strong brand presence, and prime locations will generate robust interest from homebuyers, as also reflected in Mundhwa’s ongoing project. The attractive entry valuations and the margin of safety inherent in these acquisitions, combined with our focus on partnering with reputable brands, are perfectly in line with our fund’s investment philosophy.”

Rohit Gupta, CEO, Mantra Properties, commented, “The collaboration between ASK Property Fund and Mantra Group is coming at a very opportune time. Of the three projects that are being invested in, two of them 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. As a group, we are committed to delivering quality homes and fulfilling the long-pending aspirations of home buyers.”