NEW DELHI: ASK Property Fund, the real estate division of ASK Asset & Wealth Management Group, has invested ₹340 crore in three residential projects led by Mantra Group.
Amit Bhagat, co-founder, CEO & MD of ASK Property Fund, commented, “We are committed to providing growth capital for land acquisition associated with residential projects requiring approvals and financial closure of up to ₹500 crore.”
This investment is intended to assist Mantra Group in acquiring two projects through the National Company Law Tribunal (NCLT) process, while also supporting an ongoing residential project.
Rohit Gupta, CEO of Mantra Properties, stated, “In the Mumbai project, the acquisition by Mantra and the investment from ASK Property Fund will significantly impact the lives of 576 families living on the land and another 350 families who have purchased homes in the previously proposed development.”
Part of the funds will be allocated to clearing outstanding debts to financial creditors, with the remainder dedicated to fulfilling the projects’ working capital needs.
One of the projects is situated near JVLR in Mumbai, while the other two are located in Pune’s Wakad and Mundhwa.
