ASK Property Fund, the real estate private equity division of ASK Asset & Wealth Management Group, has invested Rs 190 crore in a Kalpataru development project. This upper mid-segment project is located in Borivali West and consists of 310 units spread over 6 acres, with a total saleable area of approximately 6.5 lakh square feet.
The funds will be used for the acquisition and working capital needs of the project.
Bhavin Jain, Chief Investment Officer at ASK Property Fund, described the project as an excellent investment opportunity due to its location in a well-established area. He stated that the growth capital is intended to support acquisition and necessary working capital funding. Jain emphasized that this investment aligns with the fund’s strategy and represents a significant milestone in leveraging existing relationships for repeat opportunities.
According to ASK Property Fund Research, Borivali remains a dynamic area with strong potential for property value growth. Over the past two years, the market has seen a notable increase in property absorption, with sales rising by approximately 18-20% year-over-year in 2023. The addition of quality projects has gradually increased property values, a trend expected to continue.
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By Ravi Kumar