ASK Property Fund has invested ₹340 crore across three Mantra Group residential projects in Mumbai and Pune. The capital will help acquire two projects via the NCLT route, settle creditor dues, and fund working capital for an ongoing development—aiming to restart stalled sites and benefit hundreds of homebuyers awaiting possession.
Blackstone-backed ASK Property Fund has committed ₹340 crore to three Mantra Group housing projects—one near JVLR in Jogeshwari, Mumbai, and two in Pune’s Wakad and Mundhwa. The investment supports acquisitions through the National Company Law Tribunal (NCLT) process and stabilizes an ongoing project by addressing creditor settlements and working capital needs.
Leadership at ASK signaled continued focus on growth capital for residential land acquisition and projects requiring financial closure up to ₹500 crore, underscoring confidence in demand across key micro-markets. The move is expected to accelerate construction timelines and unlock delivery for buyers impacted by delays.
Notable updates and major takeaways
Deal size: ₹340 crore deployed across three residential projects in Mumbai and Pune.
NCLT acquisitions: Two projects acquired via insolvency route to revive stalled assets.
Use of funds: Settlement of creditor dues and working capital provisioning to resume construction.
Locations: JVLR (Jogeshwari) in Mumbai; Wakad and Mundhwa in Pune.
Strategic focus: Growth capital for approvals-linked residential projects up to ₹500 crore.
Conclusion
This infusion aligns capital with consumer outcomes—reviving stalled sites, de-risking delivery, and reinforcing confidence in Mumbai–Pune housing corridors. For ASK, it’s a pragmatic bet on demand resilience; for Mantra Group, a runway to execution and possession milestones.
Sources: Moneycontrol, VCCircleVCCircle, Business Standard, The Hindu BusinessLineThe Hindu BusinessLine