ASK Property Fund has exited two residential real estate debt investments in Mumbai and Gurgaon, collecting a combined ₹400 crore and posting double-digit returns on both deals, the fund announced.
The larger of the two exits was in Borivali, Mumbai, where the fund had deployed ₹190 crore as growth capital into Kalpataru Group’s redevelopment project, Kalpataru Advay. The project spans 6.1 acres and comprises 310 residential units with a saleable area of approximately 0.4 million square feet. ASK exited the investment at ₹244 crore, generating an IRR of 18 per cent and a return multiple of 1.3x.
The second exit was from Trevoc Royal Residences in Gurgaon, NCR, developed by Trevoc Developers. The fund had invested ₹98 crore in the project, which covers 2.06 acres and includes 172 units with a total saleable area of 0.5 million square feet. Within roughly 18 months of the project’s launch, sales reached 65 per cent, allowing the fund to exit at ₹141 crore — an IRR of 21 per cent and a multiple of 1.44x.
Bhavin Jain, Chief Investment Officer at ASK Property Fund, attributed the outcomes to disciplined selection of developers and micro-markets, stating the exits reflect the fund’s focus on growth capital in established residential segments.
ASK Property Fund is the real estate arm of the Blackstone-backed ASK Asset & Wealth Management Group. Since its inception in 2009, it has raised ₹9,100 crore and invested across projects covering 70 million square feet, primarily in Mumbai, NCR, Bangalore, Pune, and Chennai. The broader ASK group manages assets exceeding ₹81,000 crore as of February 2026.
Published on April 9, 2026