Blackstone-backed ASK Property Fund has signed a ₹500-crore platform arrangement with Bhumika Group to invest in residential real estate developments across key National Capital Region (NCR) micro-markets. According to reports from Business Standard, the partnership focuses on plotted housing projects that allow buyers to purchase land and construct homes according to their requirements, often over a longer time horizon. The investment comes amid growing investor and homebuyer interest in plotted developments, a segment that has gained traction due to lower ticket sizes, greater flexibility in construction, and potential for capital appreciation.
As part of the platform arrangement, ASK Property Fund will make an initial investment of ₹125 crore in a 20-acre plotted residential development in Faridabad through subscription to Non-Convertible Debentures (NCD) issued by a Bhumika Group entity. According to the company statement, this investment reflects the fund's strategy of building scalable residential platforms in emerging markets. The choice of Faridabad is strategic, as the area is emerging as a key residential market within the NCR, supported by land availability, improving infrastructure and competitive pricing. With lower entry pricing than more mature NCR markets, Faridabad offers a compelling proposition for buyers seeking flexibility, manageable ticket sizes and potential for medium- to long-term appreciation.
KNM & Partners, Law Offices advised Bhumika Group on the transaction, including the issuance of NCD and related legal documentation. The transaction involved structuring and documentation of a secured debenture framework across multiple tranches, including creation of security over project assets, establishment of escrow and cashflow control mechanisms. The transaction team was led by Tanuj Hazari (Associate Partner) and supported by Smridhi Pathak, Associate and Chayanika Rajpal, Associate. This structured approach ensures proper governance and risk management for the investment partnership.
The fund expects infrastructure projects including the Delhi-Mumbai Expressway, the proposed Faridabad-Noida-Ghaziabad (FNG) Expressway, the Faridabad-Jewar corridor, and the upcoming Noida International Airport to improve connectivity and support demand for residential projects in the region. As reported by Business Standard, these infrastructure developments are creating one of the most compelling real estate opportunities in the NCR, with the partnership strengthening the developer's ability to scale responsibly while maintaining execution excellence and transparency. The connectivity upgrades are expected to improve regional access and strengthen buyer interest in the plotted residential format.
Industry experts have pointed to a post-pandemic shift in buyer preferences, with many homebuyers opting for larger living spaces and independent homes over high-rise apartments. According to Bhavin Jain, Co-Head and Chief Investment Officer at ASK Property Fund, plotted developments are seeing strong interest from buyers, particularly in emerging micro-markets where infrastructure growth and affordability can support long-term value creation. The investment represents the latest in a series of institutional investments into NCR's residential market, where private equity funds have increasingly backed developers amid strong housing demand and infrastructure-led growth.
Over the past few years, funds such as HDFC Capital, Kotak Realty Fund, Motilal Oswal Alternates, Piramal Alternatives and ASK Property Fund have backed developers through equity, structured debt and platform investments. While earlier funding was concentrated in apartment projects, recent investments have increasingly targeted integrated townships, plotted developments and mid-income housing, driven by strong housing demand and infrastructure-led growth across NCR. As reported by Business Standard, this trend reflects the growing institutional interest in India's residential real estate sector.
