ASK Property Investment Advisors and TVS Emerald, on September 4, 2017, announced an agreement, wherein, both the firms will jointly infuse equity capital of Rs 400 crores, which will be invested in multiple affordable and mid-segment projects.
The platform has also made its first investment of Rs 83 crores in a project in Chennai, to be developed on a 10-acre land parcel, having 5,48,000 sq ft of saleable area, ASK Group said. “The partnership between ASK Group’s real estate private equity arm ASK Property Investment Advisors and TVS Emerald has been 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. “We strongly believe that affordable and mid-segment markets offer 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 and CEO, ASK Group, said, “This alliance reaffirms and reiterates ASK PIA’s 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. “The 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’s president and CEO, R Chandramouli said. He said the company plans to expand its presence in Chennai and Bengaluru in the near future.