Bengaluru: ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of ASK Group and Emerald Haven Realty Ltd (TVS Emerald), the real estate arm of the TVS Group, have partnered to set up a Rs400 crore residential investment platform.

ASK and Emerald Haven will invest in a 49:51 partnership, buying land, acquiring projects and other distressed assets and developing mid-income and affordable housing projects, the two companies said.

The property markets in focus will be Chennai and Bengaluru.

Through this platform, ASK and Emerald Haven have made their first investment in a 10-acre plot at Porur in Chennai. The project has around 5,48,000 sq. ft. of saleable area with an equity investment of Rs83 crore.

“...This alliance reaffirms and reiterates ASK PIA’s conviction of developing sound partnerships, identifying growth potential and delivering superior risk adjusted returns. This platform is poised to get benefited in the heightened regulatory regime of RERA through focus execution and satisfying customer needs. Earlier, we have done multiple transactions with the same developers, but this is the first time we have entered into a platform arrangement with a developer where we have committed capital in advance to scout for opportunities," Sunil Rohokale, managing director and chief executive, ASK Group told Mint in a telephonic interview.

ASK Group has a diversified portfolio of Rs35,000 crore of assets under management (AUM), that includes a wealth management arm, property investment advisory, portfolio management services and a Singapore-based subsidiary called ASK Capital Management.

On the real estate front, ASK PIA is raising a Rs2,000-crore special situations fund from domestic and foreign investors to invest in residential projects.

“We at ASK PIA 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. 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," said Amit Bhagat, managing director & chief executive, ASK PIA.

TVS Emerald is currently developing multiple projects in and around Chennai.

“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," said R. Chandramouli, president & CEO, TVS Emerald said in a statement.