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Tribeca Developers, globally acclaimed for Trump-branded real estate projects, has signed an agreement with Mumbai's Tejukaya Group for a luxury residential venture spanning a sprawling 2.5-acre parcel in Parel, South Mumbai. This marks Tribeca's entry into the high-stakes, extravagant property market of India's commercial capital, Mumbai. The project is one of South Mumbai's largest under the state's Cluster Redevelopment Policy. The project is anticipated to develop over 400 luxury residences valued at Rs 1,800 crore. HDFC Capital Advisors is championing the project with an infusion of Rs 200 crore.
The project, located in South Mumbai's prime Parel neighborhood, is expected to cost approximately Rs 1,000 crore. Beyond HDFC Capital's backing, the funding structure includes equity, construction finance, and customer advances. Expected to be launched in Q1 of the 2024-25 fiscal year, the venture will be completed over four years. It promises 2-3 bedroom apartments ranging between Rs 3.5 crore and Rs 6 crore.
Tejukaya Group has an impeccable 135-year legacy of delivering many infrastructure projects in Mumbai and across India. The chosen land for the project has been in the Tejukaya family's possession for over 90 years, securing Mumbai's cluster redevelopment policy approvals.
Kalpesh Mehta, Tribeca's founder, cited the company's reputation for delivering iconic projects globally, particularly Trump Towers. Currently managing over 6 million sq ft of branded residential projects in India, valued at Rs 6,000 crore, and armed with a development pipeline exceeding 4 million sq ft, Tribeca is positioned as India's foremost luxury residential developer. Mehta said the company is currently developing five projects. Mehta revealed ongoing negotiations with developers in key Indian cities to expand the company's pan-India development portfolio.
Tribeca is renowned for its iconic projects, including Trump Towers in Gurugram and Kolkata, The Ark in Pune, featuring the world's largest rooftop, and Pune's largest high-street retail development, Tribeca High Street.
Simultaneously, HDFC Capital has emerged as a strategic partner, committing Rs 200 crore for the project. This is Tribeca's second collaboration with HDFC Capital under their Rs 500-crore residential housing platform. In 2019, HDFC Capital and Tribeca initiated this platform, which witnessed HDFC Capital successfully exiting its first investment of Rs 135 crore earlier this year.
Tribeca's strategic foray into Mumbai aligns with the city's thriving property market, which soared to new heights in 2023 despite challenges such as higher interest rates and escalating property prices. Mumbai not only witnessed record property registrations but also achieved unprecedented revenue collection through stamp duty charges.
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