Tribeca Developers Raises Rs 200 Crore for Mumbai Luxury Project

New Delhi, Jan 10 (PTI) Realty firm Tribeca Developers has tied up with Tejukaya Group to build a luxury housing project in Mumbai with Rs 1,000 crore investment and has raised Rs 200 crore from HDFC Capital for the project.

Tribeca Developers is the largest developer of Trump branded projects in the world.

"We have entered into a joint development agreement with Tejukaya Group to develop a 2.5-acre residential project in Parel, South Mumbai. We will develop over 400 units in this project," Tribeca Developers founder Kalpesh Mehta told PTI.

Asked about the investment, Mehta said it will be around Rs 1,000 crore.

"HDFC Capital is backing the project with Rs 200 crore of financing," he said, adding the company would also take construction finance.

Mehta said the company is expecting Rs 1,800 crore sales realisation from this project.

He said the two partners will share revenue.

This is Tribeca's first project in Mumbai which will be launched in the first quarter of the next fiscal year.

The 2.5-acre land has been owned by the Tejukaya family for over 90 years and has secured approvals under Mumbai's ambitious cluster redevelopment policy.

This is the second investment Tribeca has secured from HDFC Capital under a Rs 500-crore residential housing platform that the two organisations announced in 2019.

Earlier this year, HDFC Capital successfully exited the first investment of Rs 135 crore made from this platform.

Mehta said the company is developing currently five projects.

Tejukaya Group has an impeccable 135-year legacy of delivering many infrastructure projects in Mumbai and across India.

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?."

Currently, Tribeca is developing over 6 million square feet of branded residential projects in India with a sale value of Rs 6,000 crore and has a development pipeline of over 4 million square feet.