You are here: Home » Companies » News » Real Estate
Business Standard

TVS Motor arm, ASK Property tie up for Rs 400-cr realty fund

The capital raised would be invested in affordable mid-income housing projects

BS Reporters  |  Mumbai/Hyderabad 

TVS Motor arm, ASK Property tie up for Rs 400-cr realty fund

TVS Emerald, the arm of TVS Motor Company, and Advisors (ASK PIA), the private equity manager of ASK Group, have partnered to set up a Rs 400-crore platform.

Both of the partners would jointly infuse the money, and the 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 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 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 (Regulation & Development) Act, 2016, came into force. to the sector is also slowing.

According to reports, ICICI Prudential Asset Management is also looking to set up a platform with a corpus of almost $400 million.

Advisors recently raised Rs 535 crore for its seventh from domestic high net worth individuals. The has a total corpus of Rs 2,000 crore. The manager is also looking to set up a focused non-banking finance company.

Amit Bhagat, managing director and chief executive officer, said, “We strongly believe that affordable and mid-segment 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 team brings will surely add to the value proposition that has always envisioned to deliver to our customers.”

First Published: Tue, September 05 2017. 02:30 IST