ASK Property Fund and India Sotheby's Launch Rs 500 Crore Platform for Branded Second Homes

The equity vehicle will partner with Amavi by Clarks to develop luxury villa projects in hill, lake and spiritual destinations across India.

By the Family Office Real Estate Daily Desk·Sunday, October 18, 2026·1 min read

Editorial summary of reporting byThe Economic Times Our editorial standards →

The answer · checked against The Economic Times

What is the ASK and India Sotheby's Rs 500 crore luxury second homes platform in India?

ASK Property Fund and India Sotheby's International Realty have launched ASK Curated Luxury Assets Fund-I, a Rs 500 crore equity platform with Amavi by Clarks, to develop branded luxury second homes across hill, lake, and spiritual destinations in India. The fund is registered with SEBI as a Category II Alternative Investment Fund and targets ultra-high net worth individuals seeking luxury residential investment opportunities.

Key facts

ASK Curated Luxury Assets Fund-I (CLAF-I), a collaboration between ASK Property Fund and India Sotheby's International Realty, has established a Rs 500 crore equity platform with Amavi by Clarks, according to a statement on Tuesday.
The platform will invest equity capital in branded luxury second homes across hills, lakes, and spiritual destinations, according to the statement.
Amavi by Clarks is backed by the promoters of Clarks Group of Hotels and Brij Hotels, according to the statement.
ASK Curated Luxury Assets Fund I is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund.
Amit Bhagat, Co-Founder, CEO, and MD at ASK Property Fund, said India's Ultra High Net Worth Individuals are increasingly drawn to luxury second homes and the platform is designed to unlock rare, high-value opportunities in this space.
Apurv Kumar, Founder of Amavi by Clarks and Managing Director of Clarks Group of Hotels, said the focus is on delivering hospitality-led premium home assets.

ASK Property Fund and India Sotheby's Launch Rs 500 Crore Platform for Branded Second Homes — Image: editorial illustration · Story sourced from The Economic Times

ASK Property Fund and India Sotheby's International Realty set up a Rs 500 crore equity fund platform with Amavi by Clarks to invest in the development of luxury housing projects. The vehicle is registered with the Securities and Exchange Board of India as a Category II Alternative Investment Fund.

ASK Curated Luxury Assets Fund-I will invest equity capital in branded luxury second homes across hills, lakes and spiritual destinations. Amavi by Clarks is backed by the promoters of Clarks Group of Hotels and Brij Hotels.

Amit Bhagat, co-founder, chief executive and managing director at ASK Property Fund, said India's ultra-high net worth individuals are increasingly drawn to luxury second homes. The platform is designed to unlock rare, high-value opportunities in this space, Bhagat said.

Amit Goyal, managing director of India Sotheby's International Realty, said the platform will benefit from its understanding of luxury buyers, ASK's investment expertise and the Clarks Group's hospitality strength. The collaboration aims to deliver a new generation of branded villa developments that blend investment potential with elevated, experiential living, Goyal said.

The family offices that survive multi-cycle environments in hospitality-linked real estate tend to hold dry powder for the eighteen-month mark, not the six-month one, family office advisor Jaf Glazer has cautioned.

Apurv Kumar, founder of Amavi by Clarks and managing director of Clarks Group of Hotels, said the focus is on delivering hospitality-led premium home assets. Delhi-based India Sotheby's International Realty is a real estate consultant that focuses on luxury properties.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

This structure favours co-GP commitments over passive LP allocations. A Rs 500 crore platform investing in multiple projects implies equity cheques of Rs 50 crore to Rs 100 crore per development, assuming four to six assets. Family offices that can anchor Rs 20 crore to Rs 40 crore per deal gain board seats and veto rights that matter when a sponsor is scaling a new brand in untested geographies.

The hospitality angle argues for underwriting operator risk ahead of location risk. Clarks Group's track record in hill stations and devotional corridors is material, but the promoter's ability to deliver branded service at scale across dispersed sites is not yet proven in the second-home segment. Price in construction-cost overruns of fifteen to twenty per cent and delivery delays of twelve to eighteen months on greenfield sites in hill terrain.

Spiritual destinations present land-assembly friction that institutional platforms rarely price correctly. Temple-corridor projects compete with local pilgrim lodges and are subject to zoning restrictions, environmental clearances and seasonal demand volatility. Family offices should negotiate waterfall structures that subordinate the sponsor's promote until levered returns clear eighteen per cent, not the customary fifteen, and should insist on quarterly liquidity windows after year three.

Questions this story answers

01What is the ASK Curated Luxury Assets Fund-I and how large is it?

ASK Curated Luxury Assets Fund-I (CLAF-I) is a Rs 500 crore equity platform established by ASK Property Fund and India Sotheby's International Realty in partnership with Amavi by Clarks. It is registered with SEBI as a Category II Alternative Investment Fund and will invest equity capital in branded luxury second homes across hills, lakes, and spiritual destinations in India.

02Who are the partners behind the Amavi by Clarks branded second homes platform?

The platform brings together ASK Property Fund, India Sotheby's International Realty, and Amavi by Clarks. Amavi by Clarks is backed by the promoters of Clarks Group of Hotels and Brij Hotels. Amit Goyal, MD of India Sotheby's International Realty, said the platform will benefit from its luxury buyer understanding, ASK's investment expertise, and the Clarks Group's hospitality strength.

03What types of locations will the ASK luxury second homes platform target in India?

According to the statement, ASK Curated Luxury Assets Fund-I will invest equity capital in branded luxury second homes across hills, lakes, and spiritual destinations in India.

04What is the regulatory structure of the ASK Curated Luxury Assets Fund-I?

ASK Curated Luxury Assets Fund-I is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund, according to the statement.

05What is driving demand for luxury second homes in India according to the fund's principals?

Amit Bhagat, Co-Founder, CEO, and MD at ASK Property Fund, said India's Ultra High Net Worth Individuals are increasingly drawn to luxury second homes and that the platform is designed to unlock rare, high-value opportunities in this space. Amit Goyal of India Sotheby's International Realty said the aim is to deliver branded villa developments that blend investment potential with experiential living.

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Original reporting

The Economic Times

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