Bengaluru: Private equity firm ASK Property Investment Advisors and TVS Group’s property arm Emerald Haven Realty have partnered to set up a Rs400 crore residential investment platform.

ASK and Emerald Haven will invest in a 49:51 partnership, for buying land, acquiring projects and other distressed assets and developing mid-income and affordable housing projects, the two companies said on Monday. 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 548,000 sq ft of saleable area with an equity investment of Rs83 crore.

“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 at ASK Group said in a telephone interview.

ASK Group has a diversified portfolio of Rs35,000 crore of assets under management (AUM), which 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 and 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 and CEO, TVS Emerald said in a statement.