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 the Mantra Group’s portfolio. This investment includes three residential projects spread over a total of 22 acres of land in Mumbai and Pune.
This financial boost will enable Mantra Group to acquire two projects through the National Company Law Tribunal (NCLT) route, while also supporting an ongoing residential project. According to Amit Bhagat, Co-founder, CEO & MD of ASK Property Fund, the company remains committed to providing growth capital for land acquisition of residential projects that are linked to approvals and require 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 covers a 9-acre layout, while the projects in Wakad and Mundhwa span 5 acres and 8 acres, respectively.
Rohit Gupta, CEO of Mantra Properties, highlighted that two of these three projects have been stalled for a considerable time, leaving many homebuyers in a difficult situation. Specifically, the Mumbai project's acquisition and ASK Property Fund’s investment will impact the lives of 576 families residing on the land parcel and another 350 families who had purchased homes in the proposed development.
A portion of the allocated funds will be used to settle outstanding dues owed to financial creditors, while the remainder will address the projects’ working capital requirements. This move 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. According to industry experts, such deals not only help unlock stuck inventory and improve cash flows for developers but also aid in the faster resolution under the insolvency framework.
Several old residential developments across key urban markets face stress due to funding gaps and delayed approvals. As a result, investors are increasingly stepping in to enable project completion while safeguarding homebuyer interests. With the demand for mid-income and premium housing remaining 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.
