ASK Property Fund Exits ₹190 Crore Investment in Kalpataru Advay at 18% IRR
ASK Property Fund Exits Kalpataru Advay Investment with Double-Digit Returns
ASK Property Fund, the real estate private equity arm of the Blackstone-backed ASK Asset & Wealth Management Group, has announced the successful exit of two real estate debt investments totaling ₹400 crore. In Mumbai's Borivali suburb, the fund provided ₹190 crore in growth capital to the Kalpataru Group for the redevelopment project, Kalpataru Advay, and exited the investment at ₹244 crore, achieving an 18% Internal Rate of Return (IRR) and a 1.3x investment multiple.
The development, which spans 6.1 acres and includes 310 residential units, saw significant sales momentum shortly after its launch. The exit timing reflects the strength of early buyer response to the project and the fund's disciplined approach to real estate deployment and harvest.
Project Scale and Market Position
The project spans 6.1 acres and includes 310 residential units, covering about 0.4 million square feet of saleable area. Kalpataru Advay represents the redevelopment of Yoganand Housing Society. The land has decades of residential use, confirming its suitability for family living; redevelopment projects on society land typically have cleaner title histories than greenfield developments; existing residents and neighbours provide social proof of the location's desirability; and large housing societies willing to redevelop in prime Borivali West are increasingly rare.
Spread across an expansive land parcel of approximately 6.12 acres, the project is characterized by generous open spaces, disciplined master planning, and a gated community format that prioritizes privacy, comfort, and everyday convenience. With nearly 46% of the site reserved as open space and over two acres dedicated to a landscaped central podium, Kalpataru Advay stands apart from typical high-density developments in Borivali West.
Developer Track Record
Led by Mr. Mofatraj P. Munot, with over five decades of experience, and Mr. Parag M. Munot, with three decades, Kalpataru is known for delivering high-quality projects. Kalpataru Limited has delivered 113+ successful projects. Founded in 1969, Kalpataru has delivered 113+ projects totalling over 75 million sq.ft. of residential and commercial space across Mumbai, Thane, Pune, Hyderabad, and other cities. Landmark projects include Kalpataru Magnus near BKC, Kalpataru Radiance in Goregaon, and the expansive Kalpataru Parkcity township in Thane.
The company maintains ISO certification for quality management and has built a reputation for transparency, with all projects fully RERA-compliant and documentation readily available.
Location and Connectivity
Kalpataru Advay benefits from proximity to New Link Road, SV Road, and the Western Express Highway, enabling efficient movement across the western suburbs and toward south Mumbai. Rail connectivity via Borivali railway station and access to Metro Line 2A strengthen daily commute options. The Sanjay Gandhi National Park, also known as Borivali National Park, is right on their doorstep, offering a welcome escape from the city with its diverse wildlife and opportunities for outdoor activities like hiking and camping.
Exit Context and Fund Performance
ASK Property Fund is the real estate investment arm of the Blackstone-backed ASK Asset & Wealth Management Group. Since its establishment in 2009, the fund has raised ₹9,100 crore and invested in projects spanning over 70 million square feet. Its primary investment areas include Mumbai, the National Capital Region (NCR), Bangalore, Pune, and Chennai.
The Borivali exit demonstrates the fund's ability to identify projects with strong early-stage momentum and execute disciplined exits. Bhavin Jain, Chief Investment Officer at ASK Property Fund, attributed these successful outcomes to a rigorous selection process for developers and micro-markets.