Mumbai: Private equity firm ASK Group today said it has partnered with TVS Groups realty arm Emerald Haven Realty to set up a Rs 400-crore real estate investment platform that would invest in affordable and mid- segment housing projects.
“The partnership between ASK Groups real estate private equity arm ASK Property Investment Advisors and TVS Emerald is announced at a crucial time that signifies the opportunities and growth potential in the affordable and mid- segment real estate market,” the company said in a statement here.
As per the agreement, both the firms will jointly infuse equity capital of Rs 400 crore, which will be invested in multiple affordable and mid-segment projects, it said.
The platform has also made its first investment of Rs 83 crore in a project in Chennai to be developed on a 10 acre land parcel having 5,48,000 sq ft of saleable area, the company said.
“We 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,” said ASK Property Investment Advisors Managing Director and CEO Amit Bhagat.
Commenting on the deal, Sunil Rohokale, MD & CEO, ASK Group, said, “this alliance reaffirms and reiterates ASK PIAs conviction of developing sound partnerships, identifying growth potential and delivering superior risk adjusted returns. This platform is poised to get benefited in the heightened regulatory regime of RERA through focus execution and satisfying customer needs.”
TVS Emerald has already completed and delivered one project before schedule and is currently developing five more projects in and around Chennai.
“Experience, expertise, enthusiasm, and Knowledge that ASK PIA team brings will surely add to the value proposition that we have always envisioned to deliver to our customers,” TVS Emerald President and CEO R Chandramouli said.
He said the company plans to expand its presence in Chennai and Bengaluru in the near future.
PTI