ASK Property Fund Invests in Kalpataru's Mumbai Project, Boosting Western Suburbs' Real Estate
ASK Property Fund has invested Rs 190 crore in a Kalpataru project in Borivali West, Mumbai, benefiting from the area's developed social infrastructure and convenient access to road, rail, and metro networks.
Real EstateMumbaiKalpataruAsk Property FundPrivate EquityReal Estate MumbaiJul 18, 2024
The project's strategic location offers convenient access to excellent road, rail, and metro networks, making it an attractive option for buyers. The catchment area boasts of developed social infrastructure, which is a major driver for buyers preferring the western suburbs of Mumbai. The funds will be utilized for the acquisition and working capital requirements of the project.
Bhavin Jain, Chief Investment Officer, ASK Property Fund, expressed his pleasure in making their second investment with the Kalpataru Group. He stated that the redevelopment project presents an exceptional investment opportunity, given its location within an established catchment area. The growth capital provided by ASK Property Fund is aimed at providing acquisition and necessary working capital funding, aligning perfectly with their investment strategy.
The Borivali West catchment is primarily an end-user market, benefiting from infrastructure augmentation over the past few years. With low inventory overhang and strong demand in the micro market, the project is expected to achieve healthy and sustained sales velocity. ASK Property Fund Research suggests that Borivali continues to be a dynamic catchment with substantial potential for property value appreciation. The market has experienced a significant increase in absorption over the past two years, with a year-over-year increase in sales of approximately 18-20% in 2023.
With the addition of quality supply, the catchment has benefited from a gradual property value appreciation and is likely to follow a similar trend in the coming years. This investment is a testament to ASK Property Fund's commitment to identifying repeat opportunities with existing relationships and providing growth capital to support the development of high-quality projects.
Frequently Asked Questions
Where is the Kalpataru project located?
The project is located in Borivali West, Mumbai.
What is the total saleable area of the project?
The total saleable area of the project is approximately 6.5 lakh square feet.
What is the purpose of the Rs 190 crore investment by ASK Property Fund?
The funds will be utilized for the acquisition and working capital requirements of the project.
What is the current market trend in Borivali West?
The market has experienced a significant increase in absorption over the past two years, with a year-over-year increase in sales of approximately 18-20% in 2023.
What is the investment strategy of ASK Property Fund?
ASK Property Fund's investment strategy is focused on providing growth capital to support the development of high-quality projects, identifying repeat opportunities with existing relationships, and aligning with their investment goals.
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