ASK Property Fund Invests Rs 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 made a significant investment of Rs 340 crore in Mantra Group’s portfolio. This investment is directed towards three residential projects spread over a total of 22 acres in Mumbai and Pune.
This substantial investment will aid Mantra Group in acquiring two projects through the National Company Law Tribunal (NCLT) route and will also support an ongoing residential project. The strategic move is part of ASK Property Fund’s commitment to providing growth capital for land acquisition of residential projects linked to approvals and requiring financial closure of up to Rs 500 crore.
One of the projects is situated close to the Jogeshwari-Vikhroli Link Road in Mumbai, while the other two are located in the Wakad and Mundhwa areas of Pune. The Mumbai project spans 9 acres, Wakad covers 5 acres, and Mundhwa spreads over 8 acres.
Rohit Gupta, CEO of Mantra Properties, highlighted the significant impact of this investment: “Two of these three projects have been stuck for a considerable time, leaving many homebuyers in a lurch. 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.”
A portion of the allocated funds will be used to settle outstanding dues owed to financial creditors, with the remainder allocated to meet the projects’ working capital requirements. This aligns with ASK Property Fund’s strategy of investing in high-quality residential developments in high-potential urban markets.
The investment underscores the growing role of private equity capital in reviving stalled housing projects through structured investments and court-monitored resolution processes. Industry experts agree that such deals not only help unlock stuck inventory and improve cash flows for developers but also facilitate faster resolution under the insolvency framework.
Several old residential developments across key urban markets are under stress due to funding gaps and delayed approvals. Investors are increasingly stepping in to ensure project completion while safeguarding homebuyer interests. As demand for mid-income and premium housing remains steady in cities like Mumbai and Pune, capital support tied to execution and approvals is expected to remain a key theme in residential real estate investments.
