ASK Property Fund Exits Rs 400 Crore Investments in MMR and Gurgaon with Strong Returns

ASK Property Fund, the real estate investment arm of the Blackstone-backed ASK Asset & Wealth Management Group, has announced the successful exit from two real estate debt investments in the Mumbai Metropolitan Region (MMR) and Gurgaon, with a total exposure of Rs 400 crore. These investments in residential projects have yielded strong returns for investors, highlighting the fund’s dedication to identifying lucrative investment opportunities for growth capital and value creation.

The fund provided growth capital of Rs 190 crore to Kalpataru Group for the redevelopment project, Kalpataru Advay, located in Borivali, Mumbai, in March 2024. The project, spread across 6.1 acres, includes 310 residential units with a saleable area of about 0.4 million square feet (msf). Kalpataru Advay demonstrated strong sales momentum within a short period, enabling the fund to successfully exit the investment at Rs 244 crore, realizing an 18 per cent internal rate of return (IRR) and a 1.3x multiple.

In Gurgaon, the National Capital Region (NCR), ASK Property Fund invested Rs 98 crore in Trevoc Developer’s residential project, Trevoc Royal Residences, with a focus on growth capital, in February 2024. The project spans 2.06 acres and comprises 172 units with a total saleable area of 0.5 msf. Trevoc Royal Residences achieved sales of 65 per cent within roughly 18 months of its launch, allowing ASK Property Fund to achieve a full exit at Rs 141 crore, resulting in an IRR of 21 per cent and an investment multiple of 1.44x.

Bhavin Jain, Chief Investment Officer at ASK Property Fund, commented, “The successful exits from our Borivali and Gurgaon projects underscore ASK Property Fund’s commitment to identifying strategic growth opportunities with reputed developers in established micro markets of top cities and delivering consistently strong returns for our stakeholders.”

ASK Property Fund, registered as ASK Property Investment Advisors Pvt. Ltd. (ASK PIA), is the alternate asset investment arm of the ASK group. The ASK Asset & Wealth Management Group manages assets of over Rs 81,000 crore as of 28 February 2026. The property fund focuses on private equity investments in the self-liquidating residential segment. Since 2009, ASK PIA has raised Rs 9,100 crore and has invested in projects spanning 70 msf, primarily in MMR, NCR, Bengaluru, Pune, and Chennai.