ASK Property Fund, the real estate private equity arm of ASK Asset & Wealth Management Group backed by Blackstone, has announced a strategic investment of INR 190 crore in a redevelopment project by Kalpataru Group. The project, located in Borivali West, Mumbai, encompasses 310 units spread across 6 acres with a saleable area of approximately 6.5 lakh square feet, targeting the upper mid-segment residential market.
The investment is earmarked to facilitate the acquisition and meet the working capital requirements of the Borivali project, leveraging its prime location with seamless connectivity via road, rail, and metro networks. The area is noted for its well-developed social infrastructure, making it a preferred choice among homebuyers in Mumbai’s western suburbs. A spokesperson from ASK Property Fund highlighted the strategic significance of the investment, marking their second collaboration with Kalpataru Group. Emphasizing the project’s location within a robust catchment area, they underscored the fund’s commitment to supporting growth capital needs and maximizing investment opportunities aligned with their strategic goals.
“The Borivali market is predominantly driven by end-users and has witnessed enhanced infrastructure development in recent years,” the spokesperson commented, noting the area’s low inventory overhang and strong demand dynamics. They expressed confidence in achieving healthy sales velocity for the redevelopment project, buoyed by favorable market conditions and sustained buyer interest. According to research by ASK Property Fund, Borivali continues to demonstrate resilience and growth potential, characterized by consistent property value appreciation. The market saw a notable uptick in sales activity, recording an annual increase of 18-20% in 2023, supported by the introduction of quality residential supply.
The partnership between ASK Property Fund and Kalpataru Group exemplifies synergistic collaboration aimed at capitalizing on Mumbai’s thriving real estate market. The investment not only underscores confidence in the project’s viability but also contributes to bolstering residential offerings in a strategic location known for its connectivity and lifestyle amenities. ASK Property Fund’s investment in Kalpataru’s Borivali project reflects a strategic alignment with evolving market dynamics and underscores their commitment to fostering sustainable growth within India’s real estate sector. The initiative is poised to contribute positively to the urban landscape of Mumbai’s western suburbs, setting a benchmark for future investment ventures in the region.
