ASK Curated Luxury Assets Fund-I (CLAF-I) — a collaboration between ASK Property Fund and India Sotheby’s International Realty — has established an Rs 5 billion equity platform with Amavi by Clarks to develop branded luxury residences.

The partnership will invest equity capital in premium second-home projects across key destinations. The first set of investments has been identified in the Mumbai Metropolitan Region (MMR), Pune and the National Capital Region (NCR). The platform aims to create distinctive residential assets offering elevated design, premium hospitality and long-term value.

CLAF-I is registered with the Securities and Exchange Board of India as a Category II Alternative Investment Fund. The fund plans to begin deployment immediately in line with its strategy and is targeting a total raise of Rs 15 billion, including a green-shoe option of Rs 5 billion, for its final close.

“India’s ultra-high-net-worth individuals are increasingly drawn to luxury second homes, and our platform is designed to unlock rare, high-value opportunities in this space,” said Amit Bhagat, co-founder, chief executive officer and managing director of ASK Property Fund. These developments, he said, are positioned to deliver strong project-level profitability.

The fund will leverage India Sotheby’s International Realty’s deep knowledge of the luxury housing market, its transaction expertise and its ability to optimise investor returns. CLAF-I is dedicated exclusively to high-end residential developments across major cities, holiday destinations and spiritual or religious hubs.

ASK Property Fund — the alternate investment arm of the ASK Group — focuses on private-equity investments in self-liquidating residential projects. The firm has raised more than Rs 85 billion since 2009 from family offices, ultra-high-net-worth individuals, high-net-worth investors and institutions.

Amit Goyal, managing director of India Sotheby’s International Realty, said the platform will bring the firm’s ethos to branded luxury villas in rare and sought-after locations. “We aim to deliver a new generation of villa developments that merge investment potential with elevated, experiential living,” he said.

Apurv Kumar, founder of Amavi by Clarks and managing director of Clarks Group of Hotels, said the venture will focus on hospitality-led, premium and de-risked leisure homes backed by strong governance and strategic partners. Amavi by Clarks is supported by the promoters of Clarks Group of Hotels and Brij Hotels, now a strategic partner of the Indian Hotels Company Limited (Taj Group).