The 2.5-acre project is located in Parel and will have 400+ residences with a total sale value of Rs1,800 Crs
FinTech BizNews Service
Mumbai, January 10, 2024: Tribeca Developers, India’s largest luxury branded residential developer and the largest developer of Trump branded projects in the world, has entered into an agreement with the Tejukaya Group to develop a residential project in Parel, South Mumbai. HDFC Capital is backing the project with Rs. 200 crs of financing.
This is Tribeca’s first project in Mumbai and the second investment it has secured from HDFC Capital under a Rs. 500 crore residential housing platform the two organizations announced in 2019 [earlier this year, HDFC Capital successfully exited the first investment of Rs. 135 cr made from this platform].
The 2.5-acre project is located in the prime Parel neighbourhood of South Mumbai and will have 400+ luxury residences with a total sale value of Rs. 1,800 crs. Tribeca, a pan India developer, is known for its iconic developments such as Trump Towers in Gurugram and Kolkata, The Ark in Pune, which boasts the world’s largest rooftop, and Tribeca Highstreet, Pune’s largest high-street retail development.
The project land has been owned by the Tejukaya family for over 90 years and has secured approvals under Mumbai’s ambitious cluster redevelopment policy.
Speaking on this milestone, Kalpesh Mehta, the Founder of Tribeca, said, “Tribeca is known for working on iconic projects. We build Trump Towers, which are at the cutting edge of global luxury living. Due to this, our projects have always sold at a premium to market, all over India. After 10 years of developing landmark projects across the country, I am thrilled that Tribeca is finally coming home - to Mumbai.
This project is one of those rare opportunities where one of the best sites in the city comes along with fantastic partners and strong market conditions, allowing us to create something truly magnificent. No detail has been missed and no expense spared to make this project into not just trophy homes for a select few, but a landmark for the city.
In Tejukaya Group, we have found a partner with an impeccable 135-year legacy of delivering iconic infrastructure projects in Mumbai and across India. HDFC is amongst the best financial partners any developer in India can hope for, and we are thrilled to be solidifying our relationship with HDFC Capital with a second deal.”
Sharing his views, Mr. Pranav P. Tejookaya, CEO & Managing Director, Tejukaya Group, said: "It has always been my dream to build a global landmark on this land parcel that has been in our family for over 90 years. What could be better than tying up with Tribeca, the makers of Trump Towers, and HDFC Capital, to achieve that goal? With our established track record in infrastructure development and our growing presence in the real estate sector, in collaboration with Tribeca's proficiency in delivering exceptional products, we are confident of giving Mumbai a project to cherish."
