Both of the partners would jointly infuse the money, and the capital
raised would 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 in 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.
The tie-up comes at a time when home sales are lagging behind and the sector is going through challenging times after the Real Estate
(Regulation & Development) Act, 2016, came into force. Bank credit
to the sector is also slowing.
According to reports, ICICI Prudential Asset Management is also looking to set up a real estate investment
platform with a corpus of almost $400 million.
Amit Bhagat, managing director and chief executive officer, ASK PIA
said, “We strongly believe that affordable and mid-segment market
offers huge growth potential and this is in sync with TVS Emerald’s core purpose of providing better living space to the urban middle class.”
R Chandramouli, president and 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.”