Gurugram, India | January 22, 2026 - ASF Insignia, a large integrated commercial IT office campus strategically located in Vatsal Valley, Gurugram, having good connectivity with South Delhi, Faridabad and the Gurugram CBD, has secured a commitment of equity and quasi-equity investment of approximately ₹1,250 crore from Mumbai-headquartered Alpha Alternatives.
The transaction reflects continued institutional interest in high-quality office real estate assets in the National Capital Region.
The investment will be infused in tranches – the first tranche of approximately ₹450 crore from which is already received. The capital will be deployed to improve the capital structure of ASF entities through debt reduction, support targeted infrastructure & amenity upgrades, building refinements, and enhance occupier experience across the campus, with the objective of revitalising leasing momentum and repositioning the asset as a long term prime commercial office project.
Commenting on the development, Mr. Anil Saraf, ASF Insignia, said, “The investment from Alpha Alternatives reinforces the long-term fundamentals of ASF Insignia and our strategy of building an institutionally driven office ecosystem. The focus is on balance sheet strength, asset quality and creating a campus that continues to meet the evolving needs of large enterprises and global capability centres, on cost optimal basis.”
Mr. Kaushal Biyani, Alpha Alternatives, said, “In line with Alpha Alternatives’ investment philosophy of long-term value creation, rigorous risk management, and consistent performance across market cycles, we are proud to partner with the ASF Insignia team as they enter their next phase of growth. We are delighted to invest in a high-quality office asset at scale, spanning approximately 4.5 million sq. ft., and look forward to working closely with Mr. Saraf and the ASF Insignia team to revitalize the ASF Insignia complex. The development offers a compelling blend of quality and value, and we are excited to collaborate with leading office users as ASF Insignia evolves into a future-ready, integrated office campus in Gurugram.”
The partnership follows ASF Insignia’s earlier institutional association with JP Morgan, which delivered over 2.5x returns, and marks a renewed phase of growth backed by long-term capital.
ASF Insignia’s occupier profile has historically reflected demand for large-format office environments. Earlier, Smartworks had leased approximately 4.5 lakh sq. ft. space in ASF Campus, a transaction that continues to serve as a validation of the asset’s scale and enterprise appeal.
Mr. Neetish Sarda, Smartworks, said, “ASF Insignia is among one of the better planned office complexes of NCR. This project offers wholesome occupier experience due to its elaborate amenity offerings, first world services infrastructure, Grade A buildings, and vast tracks of open landscaped spaces. Engagement of Smartworks with ASF is strategic & long term, as this campus supports volumes, provides quality real estate solutions at attractive price points, and has potential to cater to our immediate as well as future expansion needs.”
About ASF Group
ASF Group is an established developer headquartered in New Delhi (India), specializing in delivering build-to-suit and state-of-the-art IT infrastructure and commercial buildings. The Group also renders a full range of Facility Management Services to its customers across its projects and properties. ASF has already delivered over five million sq. ft. of workspaces and has established a tangible footprint in Northern India by completing multiple projects that are fully leased to leading multinational corporations. The Group takes great pride in creating spaces that are not only functional and plush, but inherently intelligent. Riding its growth curve, ASF Group is developing an information technology sector-specific Special Economic Zone (IT-SEZ) at Gurugram (India) – ASF Insignia. The project is envisioned as a world-class, eco-friendly, and iconic destination development.
About ASF Insignia
ASF Insignia is a self-contained integrated commercial IT office campus in Gurugram, catering to technology companies, global capability centres and large enterprises seeking scalable & high-quality work environment. The campus offers a rare combination of bonded SEZ space, de-bonded SEZ space and commercial IT park facilities within a single integrated development, enabling occupiers to transition seamlessly as business and regulatory requirements evolve.
Spread across approximately 50 acres, ASF Insignia is designed as a walk-to-work ecosystem offering about 4.5 million sq. ft. of premium office space across marquee buildings called Kings Canyon, Grand Canyon and the upcoming Black Canyon.
ASF Insignia stands out for its first-world services infrastructure, large contiguous floor plates, Built-to-Suit (BTS) development potential, integrated lifestyle amenities and sports infrastructure. The campus is currently undergoing major transformation and infrastructure upgrades to align with next-generation global workplace standards.
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