ASK Property Fund has exited two residential real estate debt investments in Mumbai and Gurgaon, realising about ₹400 crore and earning double-digit returns on both deals, according to an announcement by the fund.

The larger of the two exits came from Kalpataru Advay, a redevelopment project in Borivali, Mumbai. ASK had invested ₹190 crore as growth capital in the project, developed by Kalpataru Group. Spread across 6.1 acres, the project comprises 310 residential units with a saleable area of around 0.4 million sq ft. The fund exited this investment at ₹244 crore, translating into an internal rate of return of 18 per cent and a return multiple of 1.3 times.

The second exit was from Trevoc Royal Residences in Gurgaon, part of the National Capital Region, being developed by Trevoc Developers. ASK had deployed ₹98 crore in the project, which spans 2.06 acres and consists of 172 units with a total saleable area of 0.5 million sq ft. The fund said that within about 18 months of the project’s launch, sales had touched 65 per cent, enabling it to exit at ₹141 crore. This resulted in an IRR of 21 per cent and a return multiple of 1.44 times.

Bhavin Jain, Chief Investment Officer at ASK Property Fund, said the exits reflected the fund’s strategy of backing the right developers in the right micro-markets. He said the outcomes underscored ASK’s focus on providing growth capital to established residential projects.

ASK Property Fund is the real estate investment platform of Blackstone-backed ASK Asset & Wealth Management Group. Since inception in 2009, the platform has raised ₹9,100 crore and invested across projects covering 70 million sq ft, with a focus on key property markets such as Mumbai, NCR, Bengaluru, Pune and Chennai.