ASK Property Fund, India Sotheby’s to launch first luxury real estate fund

ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has teamed up with India Sotheby’s International Realty to unveil the ASK Curated Luxury Assets Fund, the country’s first investment platform dedicated to luxury real estate.

The fund aims to raise ₹1,000 crore in equity, with a green-shoe option of an additional ₹500 crore. Registered as a Category II Alternative Investment Fund with the Securities and Exchange Board of India (Sebi), the fund plans to invest in early-stage luxury residential projects across Mumbai, Bengaluru, and the Delhi-NCR region.

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It will also support premium second-home developments, including villas and low-rise projects, in coastal cities, hill stations, and religious destinations. The focus is on projects with home prices starting at ₹8 crore.

“We expect the luxury real estate market in India to continue to perform well even if there are cyclical blips. The country's wealth creation story will also continue," Amit Bhagat, co-founder, CEO and managing director at ASK Property Fund told Mint in an interview. "High net-worth individuals (HNIs) and ultra-HNIs, as they create more wealth, will become more aspirational and demand more from developers of luxury projects.” 

Post-pandemic, India’s luxury real estate segment has seen robust growth, driven by rising demand for larger, better homes. Second-home markets have also flourished, with new luxury property supply in the top seven cities rising 24% year-on-year in 2024, according to Anarock Property Consultants.

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The ASK-India Sotheby’s fund will raise capital from a mix of institutional and individual investors, including family offices, HNIs, insurance companies, pension funds, banks, and sovereign funds. 

ASK and India Sotheby’s will co-sponsor the fund with equal capital commitments. While ASK will manage investments, India Sotheby’s will serve as the real estate advisor.

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"We are confident about the unique value proposition of this strategic collaboration. Together, we offer exceptional and complementary expertise to this pioneering investment platform,” said Amit Goyal, managing director, India Sotheby's, which sells properties in the luxury segment.