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.
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.”