Key Takeaways
- • ASK Property Fund, the real estate investment arm of Blackstone-backed ASK Asset & Wealth Management Group, has committed ₹300 crore across two residential developments in Ghaziabad: a 4.7-acre project by BRV Group in Vasundhara and a 1.5-acre project by KW Group in Indirapuram.
- • The fund exited its Chennai investment in Shriram 122 West (Shriram Properties) in August 2026, realizing ₹340 crore profit on an initial ₹215 crore investment—demonstrating a 58% return over the holding period.
- • ASK Property Fund established a ₹500 crore platform partnership with Bhumika Group targeting NCR residential real estate developments, with ₹125 crore earmarked for a 20-acre plotted development project in Faridabad, signaling expanded capital deployment in the National Capital Region.
- • The sequential exit from Chennai and reinvestment in NCR markets reflects a strategic portfolio reallocation favoring the Delhi-NCR residential sector, where ASK continues to build exposure across multiple asset classes and developer partners.
Summary
ASK Property Fund has committed ₹300 crore to two residential projects in Ghaziabad, marking a continued expansion of the Blackstone-backed fund's real estate portfolio in the National Capital Region. The capital will support developments by BRV Group and KW Group, with the former's 4.7-acre Vasundhara project and the latter's 1.5-acre Indirapuram scheme representing differentiated property plays in the high-growth NCR market.
The Ghaziabad deployment comes alongside a significant portfolio optimization. In August 2026, ASK Property Fund exited its investment in Shriram 122 West, a residential project developed by Shriram Properties in Chennai, realizing ₹340 crore against an original capital commitment of ₹215 crore. This exit yielded a 58% gross return, highlighting the fund's ability to monetize maturing positions while redeploying capital into higher-conviction markets.
Beyond the Ghaziabad commitments, ASK Property Fund has formalized a ₹500 crore platform arrangement with Bhumika Group, establishing a dedicated investment vehicle for residential real estate developments across the NCR. Under this partnership framework, ASK Property Fund will invest ₹125 crore in Bhumika Group's 20-acre plotted development in Faridabad. This platform structure provides ASK with systematic exposure to the rapidly expanding NCR residential market while leveraging Bhumika Group's operational and development capabilities.
The cumulative NCR deployment—₹300 crore in Ghaziabad plus ₹125 crore in the Bhumika platform—totaling ₹425 crore in new commitments, alongside the ₹500 crore platform agreement, reflects ASK Property Fund's conviction in NCR residential fundamentals. The fund's sequential exit from Chennai and aggressive reinvestment in the Delhi region underscores a strategic shift toward markets characterized by sustained demand, infrastructure development, and absorption velocity in the mid-to-premium residential segment.
The Ghaziabad deployment comes alongside a significant portfolio optimization. In August 2026, ASK Property Fund exited its investment in Shriram 122 West, a residential project developed by Shriram Properties in Chennai, realizing ₹340 crore against an original capital commitment of ₹215 crore. This exit yielded a 58% gross return, highlighting the fund's ability to monetize maturing positions while redeploying capital into higher-conviction markets.
Beyond the Ghaziabad commitments, ASK Property Fund has formalized a ₹500 crore platform arrangement with Bhumika Group, establishing a dedicated investment vehicle for residential real estate developments across the NCR. Under this partnership framework, ASK Property Fund will invest ₹125 crore in Bhumika Group's 20-acre plotted development in Faridabad. This platform structure provides ASK with systematic exposure to the rapidly expanding NCR residential market while leveraging Bhumika Group's operational and development capabilities.
The cumulative NCR deployment—₹300 crore in Ghaziabad plus ₹125 crore in the Bhumika platform—totaling ₹425 crore in new commitments, alongside the ₹500 crore platform agreement, reflects ASK Property Fund's conviction in NCR residential fundamentals. The fund's sequential exit from Chennai and aggressive reinvestment in the Delhi region underscores a strategic shift toward markets characterized by sustained demand, infrastructure development, and absorption velocity in the mid-to-premium residential segment.
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