Tribeca Developers and Tejukaya Group Collaborate on a Luxury Project in Parel, South Central Mumbai

Mumbai, January 11, 2024:

In a remarkable development, Tribeca Developers, known as the world's foremost developer of Trump-branded real estate ventures, has announced a strategic partnership with Mumbai's renowned Tejukaya Group. Together, they will embark on the creation of a lavish residential haven sprawling across a 2.5-acre prime land parcel in the heart of south-central Mumbai's Parel district.

This ambitious endeavor represents one of the most substantial projects in South Mumbai to be initiated under the aegis of the state government's cluster redevelopment policy. It also marks the entry of Tribeca, India's preeminent luxury branded residential developer, into the country's most opulent and sought-after real estate market.

With plans to accommodate over 400 opulent residences, the project boasts an estimated total sales value exceeding 1,800 crore based on the prevailing prices in the vicinity. The project receives substantial backing from real estate private equity firm HDFC Capital Advisors, which is providing financing of 2,200 crore.

Notably, this marks the second major investment Tribeca has secured from HDFC Capital under a ₹500-crore residential housing platform. In the previous year, HDFC Capital successfully exited its initial investment of INR 135 crore, which was made through this platform in 2019.

Kalpesh Mehta, the visionary founder of Tribeca, expressed his enthusiasm for the project, stating, "We are renowned for crafting iconic developments such as Trump Towers, setting the global standard for luxury living. Consequently, our projects consistently command a premium in markets throughout India. After a decade of spearheading landmark ventures across the nation, we are finally returning to our roots in Mumbai."

Currently, Tribeca is actively engaged in developing over 6 million sq ft of branded residential projects across India, boasting a sale value of 76,000 crore and a promising development pipeline of 4 million sq ft.

According to Mehta, the company is in ongoing discussions with select developers in key Indian cities, exploring potential projects to add to its pan-India development portfolio. Tribeca is celebrated for its exceptional Trump Towers in Gurugram and Kolkata, as well as The Ark in Pune and the expansive Tribeca High Street, Pune's largest high-street retail development. The project's land has been under the ownership of the Tejukaya family for more than 90 years, and it has already secured the necessary approvals under Mumbai's cluster redevelopment policy.

The estimated total cost for this visionary project stands at approximately 21,000 crore, and the joint entity anticipates financing it through a combination of equity, construction finance, customer advances, and the substantial support provided by HDFC Capital Advisors.