ASK Property Fund invests ₹340 cr in Mantra Group projects in Mumbai, Pune

ASK Property Fund has invested ₹340 crore in three Mantra Group residential projects in Mumbai and Pune, backing NCLT acquisitions and ongoing construction

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

 

One of the projects is located near JVLR, Mumbai, and the remaining two projects are in Pune’s Wakad and Mundhwa, and are under construction. Amit Bhagat, co-founder, chief executive officer (CEO) and managing director, ASK Property Fund, said, “We remain committed to providing growth capital for land acquisition of residential projects linked to approvals and requiring financial closure of up to ₹500 crore.”

 

 

Bhavin Jain, chief investment officer, ASK Property Fund, said, “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.”

 

ASK Property Fund [Registered entity: ASK Property Investment Advisors Pvt Ltd (ASK PIA)] is the alternate asset investment arm of the ASK group, set up to manage and advise real estate-dedicated funds, focusing on private equity investments in the self-liquidating residential segment. ASK PIA has raised over ₹8,700 crore since 2009, and investors include family offices, High Net Worth Individuals (HNIs), ultra-HNIs, and institutions.

 

Rohit Gupta, CEO, Mantra Properties, added that of the three projects that are being invested in, two 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,” he added.

 

Additionally, Mantra Properties has completed over 15 projects spanning 8 million square feet in Pune and Pimpri-Chinchwad.