TVS Emerald, the real estate arm of TVS Motor Company and ASK Property Investment Advisors (ASK PIA) have partnered to set up Rs 400 crore real estate investment platform. ASK PIA is the real estate private equity manager of ASK Group.
Both partners will jointly infuse money. The capital raised will be invested in affordable mid-income housing projects, ASK said in a release on Monday.
Through this platform the partnership has also announced its first investment in Porur, Chennai. The project is being developed on a 10 acre land parcel having 5,48,000 sq ft of saleable area with an investment of Rs 83 crore.
ASK Property Investment Advisors recently raised Rs 535 crore for its seventh real estate fund from domestic high net-worth individuals. The fund has a corpus of Rs 2,000 crore.
Amit Bhagat, MD & CEO, ASK Property Investment Advisors (ASK PIA) said, “We at ASK PIA, strongly believe that affordable and mid- segment market offers huge growth potential and this is in sync with the TVS Emerald’s core purpose of providing better living space to the urban middle class. The collaboration leverages each other’s strength while ASK PIA is synonymous with high quality research, comprehensive risk management framework and focused asset management, TVS Emerald brings in quality, and high brand equity amongst consumers.”
R. Chandramouli, President & CEO, TVS Emerald said, “Experience, expertise, enthusiasm, and knowledge that ASK PIA team brings will surely add to the value proposition that TVS Emerald has always envisioned to deliver to our customers. Our endeavour is always to delight customers by fulfilling aspiration of the urban middle class in their quest for a better living space.”