ASK Property Fund Invests ₹340 Crore in Mantra Group’s Residential Projects in Mumbai and Pune

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

This strategic 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 utilized to address the projects' working capital requirements.

One of the projects is located near JVLR in Mumbai, while the other two are situated in Pune’s Wakad and Mundhwa and are currently under construction. Amit Bhagat, co-founder, CEO, and managing director of ASK Property Fund, stated, “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 of ASK Property Fund, expressed confidence in Mantra Group’s capabilities. “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 as ASK Property Investment Advisors Pvt Ltd (ASK PIA), is the alternate asset investment arm of the ASK group. It is set up to manage and advise real estate-dedicated funds, focusing on private equity investments in the self-liquidating residential segment. Since 2009, ASK PIA has raised over ₹8,700 crore, and its investors include family offices, High Net Worth Individuals (HNIs), ultra-HNIs, and institutions.

Rohit Gupta, CEO of Mantra Properties, highlighted the impact of this investment. Of the three projects being invested in, two have been stuck for a significant time, leaving many homebuyers in a difficult situation. “In the Mumbai project, Mantra’s acquisition and ASK Property Fund’s investment will positively 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 a strong track record, having completed over 15 projects spanning 8 million square feet in Pune and Pimpri-Chinchwad.