Blackstone-backed ASK Property Fund bets Rs 500 cr on NCR plotted Housing

Blackstone-backed ASK Property Fund on Thursday inked a Rs 500-crore platform arrangement with Bhumika Group to invest in residential real estate developments, including plotted housing projects across key National Capital Region (NCR) micro-markets.

As part of the platform, ASK Property Fund will make an initial investment of Rs 125 crore in a 20-acre plotted residential development in Faridabad, the company said in a statement on Thursday.

The investment comes amid growing investor and homebuyer interest in plotted developments, a segment that has gained traction in recent years due to lower ticket sizes, greater flexibility in construction, and the potential for capital appreciation.

Why Faridabad?

According to ASK Property Fund, Faridabad is emerging as a key residential market within the NCR, aided by improving connectivity and relatively affordable land prices compared with established markets such as Gurugram and Noida.

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.

Why are investors betting on plotted developments?

Unlike apartments, plotted developments allow buyers to purchase land and construct homes according to their requirements, often over a longer time horizon. The format has become increasingly popular among end-users as well as investors seeking relatively affordable entry points into the residential market.

Industry experts have also pointed to a post-pandemic shift in buyer preferences, with many homebuyers opting for larger living spaces and independent homes over high-rise apartments.

Bhavin Jain, Co-Head and Chief Investment Officer at ASK Property Fund, said the partnership reflects the fund’s strategy of building scalable residential platforms in emerging markets.

“Plotted developments are seeing strong interest from buyers, particularly in emerging micro-markets where infrastructure growth and affordability can support long-term value creation,” he said.

Uddhav Poddar, Chairman and Managing Director of Bhumika Group, said the partnership would help the developer expand its residential business while maintaining execution discipline and governance standards.

“The infrastructure developments are creating one of the most compelling real estate opportunities in the NCR. At Bhumika Group, we have been early believers in this opportunity and are committed to creating thoughtfully planned, high-quality developments that contribute to the city’s next chapter of growth. Our partnership with ASK Property Fund strengthens our ability to scale responsibly while remaining focused on execution excellence, transparency, and delivering enduring value to our customers and stakeholders,” said Poddar.

The Rs 500-crore ASK Property Fund-Bhumika platform is the latest in a series of institutional investments into NCR’s residential market, where private equity funds and alternative investment platforms 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.