ASK Property Fund Exits Rs 400 Cr MMR & Gurgaon Deals

• Total exit value of Rs 400 crore from Mumbai and Gurgaon projects
• Up to 21% IRR achieved across residential investments
• Strong sales momentum helped early and profitable exits

ASK Property Fund has announced its complete exit from two residential project investments in the Mumbai Metropolitan Region (MMR) and Gurgaon, with a combined exposure of around Rs 400 crore.

The fund, which operates as the real estate investment arm of ASK Asset & Wealth Management Group and is backed by Blackstone, stated that both exits delivered strong returns, reflecting the continued strength of residential real estate in key urban markets.

These investments were strategically made in high-demand micro-markets—Borivali in Mumbai and Gurgaon in the National Capital Region (NCR). According to the fund, the successful exits underline its focus on identifying growth-oriented opportunities and partnering with reputed developers to create value for investors.

One of the key investments was in a redevelopment project in Borivali, Mumbai, undertaken with the Kalpataru Group. ASK Property Fund had invested Rs 190 crore in March 2024 in the project named Kalpataru Advay. Spread across 6.1 acres, the development comprises 310 residential units with a saleable area of approximately 0.4 million square feet.

The project witnessed strong buyer demand within a short period, which played a crucial role in enabling the fund’s exit. ASK Property Fund exited the investment at Rs 244 crore, generating an internal rate of return (IRR) of 18% along with a 1.3x investment multiple. The performance highlights how redevelopment projects in established Mumbai suburbs continue to attract steady demand from homebuyers.

In another transaction, the fund had invested Rs 98 crore in February 2024 in Trevoc Developer’s residential project, Trevoc Royal Residences, located in Gurgaon. The project spans 2.06 acres and includes 172 residential units with a total saleable area of around 0.5 million square feet.

The Gurgaon project also demonstrated impressive sales traction, achieving nearly 65% sales within about 18 months of its launch. This strong absorption rate allowed ASK Property Fund to exit the investment at Rs 141 crore, delivering an IRR of 21% and an investment multiple of 1.44x.

Commenting on the development, Bhavin Jain, Chief Investment Officer at ASK Property Fund, said that these exits reinforce the company’s strategy of focusing on established micro-markets in top cities. He emphasized that partnerships with credible developers and timely execution are key factors in delivering consistent returns to stakeholders.

From an industry perspective, these exits reflect a broader trend in India’s residential real estate market, where demand in cities like Mumbai and Gurgaon remains resilient. Investors are increasingly focusing on projects with strong fundamentals—such as location advantage, developer credibility, and faster sales cycles—to ensure quicker capital rotation and higher returns.

ASK Property Fund operates through ASK Property Investment Advisors Pvt. Ltd., managing real estate-focused alternative investment funds. Since its inception, the platform has raised approximately Rs 9,100 crore and invested in projects spanning nearly 70 million square feet across major cities, including Mumbai, NCR, Bengaluru, Pune, and Chennai.

The parent group, ASK Asset & Wealth Management, currently manages assets worth over Rs 81,000 crore as of February 2026, making it one of the prominent players in India’s alternative investment space.

Overall, the successful exits from Mumbai and Gurgaon signal sustained investor confidence in India’s residential sector, particularly in well-established urban hubs. With steady demand and improving project execution timelines, such investments are expected to continue delivering attractive returns in the near future.