TVS Emerald, ASK form Rs 400 cr realty investment platform

TVS Motor Company's realty arm TVS Emerald and financial service firm ASK group have tied up to form a Rs 400 crore real estate investment platform and made its first investment of Rs 83 crore to buy 10 acre in Chennai.
ASK group's real estate private equity arm ASK Property Investment Advisors and Emerald Haven Realty Ltd (TVS Emerald) have partnered to set up Rs 400 crore real estate investment platform, a company statement said.
When contacted, ASK Property Investment Advisors MD & CEO Amit Bhagat said TVS group and ASK will infuse equity fund in a ratio of 51:49 to be invested in multiple affordable mid- segment projects.

This new platform has invested Rs 83 crore in an special purpose vehicle that has bought a 10 acre land in the growth corridor of Porur in Chennai, he said, adding that TVS Emerald will develop a housing project having a saleable area of about 5.5 lakh sq ft.
"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," Bhagat said.
The setting up of platform signifies the opportunities and growth potential in the affordable and mid-segment real estate market.

Speaking on the partnership, Sunil Rohokale, MD & CEO, ASK Group said: "TVS Emerald is emerging as a leading player in housing in Chennai and demonstrated their commitment to quality, timely delivery and customer service".
R Chandramouli, President & CEO, TVS Emerald said: "Experience, expertise, enthusiasm, and knowledge that ASK Property Investment Advisors team brings will surely add to the value proposition that TVS Emerald has always envisioned to deliver to our customers".
TVS Emerald has already delivered one project before schedule and is currently developing 5 more projects in and around Chennai. TVS Emerald plans to further expand its presence in Chennai and Bangalore in the near future.