ASK Property Fund Invests ₹340 Cr in Mumbai-Pune Realty Revival
Overview
ASK Property Fund injects ₹340 crore into Mantra Group's stalled residential projects in Mumbai and Pune. The investment targets acquiring two projects via NCLT and supporting ongoing developments, aiming to resolve issues for over 900 homebuyers and unlock stuck inventory. This highlights PE's role in reviving stressed real estate assets.
Private Equity Fuels Real Estate Revival
ASK Property Fund has injected ₹340 crore into Mantra Group, targeting three stalled residential projects in Mumbai and Pune. This significant capital infusion from the real estate arm of the Blackstone-backed ASK Asset & Wealth Management Group aims to acquire two NCLT-approved projects and support an ongoing development, spanning a total of 22 acres.
Unlocking Stalled Projects
Amit Bhagat, Co-founder, CEO & MD of ASK Property Fund, emphasized their commitment to providing growth capital for residential projects requiring financial closure up to ₹500 crore. The investment is strategically allocated to projects on the Jogeshwari-Vikhroli Link Road in Mumbai (9 acres) and in Pune's Wakad (5 acres) and Mundhwa (8 acres) localities.
Homebuyers Get Hope
Two of the three projects have faced significant delays, leaving many homebuyers in uncertainty. Rohit Gupta, CEO of Mantra Properties, highlighted that the deal impacts 576 families residing on the land parcel and 350 previously contracted homebuyers. Funds will settle financial creditor dues and cover working capital needs.
PE's Role in Stressed Assets
The investment underscores the growing influence of private equity in reviving distressed housing projects via structured deals and court-monitored processes. Experts note these transactions not only unlock stuck inventory but also expedite resolutions under insolvency frameworks. Steady demand for mid-income and premium housing in these metros ensures continued focus on capital support tied to execution.
