Emerald Haven Realty Limited or TVS Emerald is the real estate division of the acclaimed TVS Motor Company. The company has now partnered with ASK PIA or ASK Property Investment Advisors for establishing a new real estate investment platform.
As per the agreement signed between the two partners, Rs.400 crore will be the initial equity corpus for the real estate investment platform. There will be a 49:51 ratio of partnership for ASK Property Investment Advisors and TVS Emerald respectively. This partnership comes at a juncture where there are abundant growth opportunities in the country’s mid-segment and affordable housing categories.
The partnership has also announced its very first investment via this platform. It will be investing in the fast growing corridor Porur in Chennai. The project will come up on a land parcel of 10 acres with 5,48,000 sq. ft. being the saleable area. There will be an equity investment of Rs.83 crore. The partnership is also significant since the real estate sector is witnessing a major evolution after RERA. The aim behind RERA is to make developers more accountable and to make transactions lawful and transparent.
According to the CEO & President at TVS Emerald, R. Chandramouli, the TVS Group has already been involved in the housing sector and this tie-up with ASK will help it foray into newer ventures and explore new opportunities in the industry. He talked of how the company motto has always been to please customers in the mid-income segment who desire quality homes. According to the CEO & Managing Director at ASK Property Investment Advisors, Amit Bhagat, this tie-up is synonymous with the core motto at TVS Emerald which is offering better housing solutions to the urban middle classes and the collaboration will help the companies tap each other’s strengths according to Bhagat.
TVS Emerald has already finished and delivered one residential project ahead of time and is also developing 5 projects in and around the city of Chennai. TVS Emerald is planning to scale up its overall presence in the Bangalore and Chennai markets in the future. ASK Property Investment Advisors is a part of the ASK Group which manages and advises funds which are real estate centric. The company successfully raised Rs.326 crore in 2009 and Rs.1,000 crore in 2011 along with a third domestic fund of Rs.1,400 crore in the year 2016.
