ASK Property to invest Rs 1.9 billion in Kalpataru housing project

19 Jul 2024 CW Team

This marks ASK Property Fund?s second investment with the Kalpataru Group. ?The investment aligns with our strategy and highlights our focus on repeat opportunities with existing partners. Our growth capital will support acquisition and necessary working capital,? said Bhavin Jain, CIO, ASK Property Fund.

Jain noted that the project caters to an end-user market and benefits from recent infrastructure improvements. The low inventory overhang and strong demand in Borivali will support healthy sales velocity for the residential project, which involves redeveloping Yoganand and Jay Kamakshi Society, offering 295,000 sq ft of RERA carpet area to existing residents.

The project is expected to commence next quarter, pending requisite approvals. According to ASK Property Fund Research, Borivali has seen a significant increase in absorption over the past two years, with sales rising by approximately 18-20% in 2023. The addition of quality supply has driven gradual property value appreciation, a trend likely to continue.

The Indian real estate market is currently experiencing a surge in institutional investments, with $3 billion inflows in the first half of 2024. Mumbai leads the private equity investment landscape, with inflows rising to $1.7 billion from $1.2 billion the previous year. Indian private equity investors have shown notable engagement, reaching levels of participation not seen in a decade.

Since 2009, ASK Property Fund has raised Rs 61 billion from investors, including family offices, ultra-high net worth individuals, high net worth individuals, and institutions, focusing on private equity investments in self-liquidating mid-income and affordable residential and commercial segments.

(Source: ET)

ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has invested Rs 1.9 billion in Kalpataru?s upper mid-income housing project in Borivali, Mumbai. This project spans a 6-acre land parcel, offering a development potential of around 650,000sq ft and an estimated revenue potential of over Rs 12 billion. The investment will be used for acquisition and working capital requirements. This marks ASK Property Fund?s second investment with the Kalpataru Group. ?The investment aligns with our strategy and highlights our focus on repeat opportunities with existing partners. Our growth capital will support acquisition and necessary working capital,? said Bhavin Jain, CIO, ASK Property Fund. Jain noted that the project caters to an end-user market and benefits from recent infrastructure improvements. The low inventory overhang and strong demand in Borivali will support healthy sales velocity for the residential project, which involves redeveloping Yoganand and Jay Kamakshi Society, offering 295,000 sq ft of RERA carpet area to existing residents. The project is expected to commence next quarter, pending requisite approvals. According to ASK Property Fund Research, Borivali has seen a significant increase in absorption over the past two years, with sales rising by approximately 18-20% in 2023. The addition of quality supply has driven gradual property value appreciation, a trend likely to continue. The Indian real estate market is currently experiencing a surge in institutional investments, with $3 billion inflows in the first half of 2024. Mumbai leads the private equity investment landscape, with inflows rising to $1.7 billion from $1.2 billion the previous year. Indian private equity investors have shown notable engagement, reaching levels of participation not seen in a decade. Since 2009, ASK Property Fund has raised Rs 61 billion from investors, including family offices, ultra-high net worth individuals, high net worth individuals, and institutions, focusing on private equity investments in self-liquidating mid-income and affordable residential and commercial segments. (Source: ET)

Infrastructure Energy

19 Sep 2025

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Infrastructure Urban

19 Sep 2025

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Infrastructure Energy

19 Sep 2025

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..