Sunday, July 21, 2024

Tribeca Developers Secures INR 200 Crore Investment from HDFC Capital for Luxury Housing Project in Mumbai

Real estate firm Tribeca Developers has partnered with Tejukaya Group to undertake a luxury housing project in Mumbai, involving an investment of INR 1,000 crore. The company, known for being the largest developer of Trump-branded projects globally, has received INR 200 crore in funding from HDFC Capital for this venture. The joint development agreement with Tejukaya Group covers a 2.5-acre residential project in Parel, South Mumbai, with plans for over 400 units.

Kalpesh Mehta, the founder of Tribeca Developers, stated that HDFC Capital’s financial backing is supplemented by additional construction finance. The total investment for the project is expected to be around INR 1,000 crore, with projected sales realization of INR 1,800 crore. The revenue from the project will be shared between the two partners. This marks Tribeca’s inaugural project in Mumbai, scheduled for launch in the first quarter of the upcoming fiscal year.

The 2.5-acre land, owned by the Tejukaya family for over 90 years, has obtained approvals under Mumbai’s cluster redevelopment policy. This collaboration with Tejukaya Group is Tribeca’s second investment from HDFC Capital, following a Rs 500-crore residential housing platform established in 2019. Tribeca is presently engaged in the development of five projects and has a robust pipeline of over 4 million square feet.

Tejukaya Group, with a 135-year legacy in delivering infrastructure projects in Mumbai and across India, expressed excitement about the partnership. Pranav P Tejookaya, CEO & Managing Director of Tejukaya Group, shared his vision of building a global landmark on the family-owned land, highlighting the strategic collaboration with Tribeca, renowned for projects like Trump Towers, and HDFC Capital to realize this ambition.

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