Mantra Group has secured Rs 340 crore financing from ASK Property Fund, part of the Blackstone-backed ASK Asset & Wealth Management Group.

The funding will allow Mantra to complete the Rs 3,000 crore Jogeshwari project, which has been stalled for over 17 years. The project, which was acquired through the National Company Law Tribunal (NCLT) route, had faced significant delays, leaving 576 families and 350 home buyers without homes. The funds will enable it to develop this key project in Jogeshwari, along with two others in Pune.

The Jogeshwari project will span nine acres, with additional developments in Wakad (5 acres) and Mundhwa (eight acres). Mantra will also address the unresolved issues from the previous developer, Acme Realties, and provide homes to the original occupants. With this funding, Mantra expects to unlock a total development potential of over Rs 3,000 crore.