ASK Property Fund, the real estate private equity arm of ASK Asset & Wealth Management Group backed by Blackstone, has announced a significant investment of INR 190 crore in a redevelopment project by Kalpataru Group. The project, located in Borivali West, Mumbai, is a prime example of urban regeneration. Spread across 6 acres, it comprises 310 units with a saleable area of approximately 6.5 lakh square feet, targeting the upper mid-segment residential market.
The project’s strategic location, coupled with its well-developed social infrastructure, makes it a highly desirable choice for homebuyers in Mumbai’s western suburbs. ASK Property Fund’s investment in the Borivali project marks their second collaboration with Kalpataru Group, highlighting their confidence in the developer’s expertise and the project’s potential for success. The investment is earmarked to facilitate the acquisition of the land and provide working capital for the development, leveraging the project’s prime location with seamless connectivity via road, rail, and metro networks.
The Borivali market has been experiencing a surge in demand in recent years, driven by factors such as enhanced infrastructure development, a low inventory overhang, and strong end-user interest. According to research by ASK Property Fund, Borivali has witnessed consistent property value appreciation and a notable uptick in sales activity, with an annual increase of 18-20% in 2023. The investment in the Borivali project is a testament to ASK Property Fund’s commitment to supporting growth capital needs and maximizing investment opportunities aligned with their strategic goals. The fund’s confidence in the project’s success is further bolstered by the favorable market conditions and sustained buyer interest in the Borivali area.
