New Delhi, Jan. 29 -- ASK Property Fund has backed Kanodia Group's real-estate venture arm KREEVA in its acquisition of a land parcel in South Delhi, as per a statement.

A part of the Blackstone-backed ASK Asset & Wealth Management Group, ASK Property Fund invested Rs 260 crore (around $28.2 million) to fund the transaction.

The land will be developed into a luxury residential development. The project, which spans across 500,000 sq ft, will offer 3.5, 4.5 and 5.5 BHK apartments.

This transaction is the second collaboration between KREEVA and ASK Property Fund, following their partnership in Gurugram.

"This is ASK's first investment in a vertical residential project in Delhi. This investment marks a significant step in bringing a differentiated residential experience to South Delhi, where the market is primarily known for independent floors," said Amit Bhagat, co-founder, chief executive officer and managing director, ASK Property Fund.

"We have long-term conviction on the NCR real estate market, given its economic depth and the structural expansion opportunity it provides over the next decade. Institutional capital providers like us would have significant opportunities to provide growth capital to developers for land acquisition," said Bhavin Jain, chief investment officer, ASK Property Fund.

Dr. Gautam Kanodia, founder, KREEVA and Kanodia Group, said that the luxury segment here has been synonymous with independent floors, but he sees a growing desire among families for the security and lifestyle that only a gated vertical community can offer.

ASK Property Fund has sealed back to back deals in the recent past. Recently, ASK Property Fund made an investment of Rs 210 crore ($23.3 million) in Gami Group's projects in Navi Mumbai.

It also invested Rs 340 crore ($38 million) across three residential projects of real estate developer Mantra Group.

Ask Property Fund or ASK Property Investment Advisors Pvt. Ltd. (ASK PIA) has raised over Rs 8,700 crores ($ 1.3 bn) since 2009 and its investors include family offices, ultra high net worth individuals (UHNIs), high net worth individuals (HNIs) and institutions.

Blackstone-backed ASK Asset & Wealth Management Group primarily caters to the HNI and UHNI clientele. Its diversified businesses comprise of portfolio management services & alternative investment funds - ASK Investment Managers; Real Estate Private Equity -ASK Property Fund; Wealth Management and Multi-Family Office Service - ASK Private Wealth; Long/short funds - ASK Hedge Solutions; NBFC - ASK Finance; Private Credit - ASK Alternates and international business arm - ASK Capital.

It has over 20 offices and branches across India, Dubai, and Singapore and caters to multiple asset classes and investors across Asia, the Middle East, Africa, and Europe.

ASK Asset & Wealth Management Group manages assets over Rs 84,000 crore as of 30 November 2025.

Published by HT Digital Content Services with permission from VC Circle.