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ASK Property Fund, part of Blackstone-backed ASK Asset & Wealth Management Group, is investing INR 190 crore in a residential project in Mumbai's Borivali (West). This investment will fund the redevelopment of a 6-acre site by Kalpataru Group, creating 310 new residential units across a 6.5 lakh square feet saleable area. The project targets the upper-middle segment and benefits from Borivali West's excellent connectivity to roads, railways, and metro networks, along with robust social infrastructure. This marks ASK Property Fund's second collaboration with Kalpataru Group, reinforcing their strong partnership. The area has seen a property sales increase of 18-20% year-on-year in 2023.
Mumbai's Borivali (West) is poised for a residential project boost with a INR 190 crore investment from ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group. This significant investment will be directed towards the redevelopment of a 6-acre site undertaken by the Kalpataru Group. Advertisement
The project, catering to the upper-middle segment of the market, will offer 310 new residential units. Spread across a total saleable area of approximately 6.5 lakh square feet, the development boasts a strategic location with convenient access to key infrastructure. Residents will enjoy easy access to roads, railways, and the metro network, along with the well-developed social infrastructure that Borivali West is known for. This combination makes the area an attractive option for homebuyers seeking a well-connected and established neighborhood.
The INR 190 crore investment from ASK Property Fund will be used for the acquisition of the land and to meet the working capital requirements for the project. This investment marks a significant milestone for both parties. For ASK Property Fund, which has raised over INR 6,100 crore since 2009, it signifies their second successful collaboration with the Kalpataru Group, highlighting a strong working relationship between the two companies.
According to ASK Property Fund's research, Borivali West is a dynamic catchment area with substantial potential for property value appreciation. The area has witnessed a rise in residential property absorption over the past two years, with sales increasing by an estimated 18-20% year-on-year in 2023. Experts believe this positive trend is likely to continue, with the addition of quality projects like this one further enhancing the area's value proposition.
This investment by ASK Property Fund is a positive sign for the Borivali West real estate market. By focusing on a well-connected location and established neighborhood, coupled with the expertise of the Kalpataru Group, the project suggests a promising development for homebuyers seeking a well-rounded living experience in Mumbai.
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