by THO
Tribeca Developers announced on February 13 that it plans to launch a mixed-use real estate project in Pune. The project will feature luxury apartments and retail spaces spread across 8 lakh sq ft and have a revenue potential exceeding ₹1,000 crore.
Tribeca Developers, which is also the licensed partner for the Trump Organisation in India, has partnered with Serianee Corrp, a conglomerate of Siddhivinayak Groups, Vision Skylish Group (VSG), and Kalash Properties, for this project.
The company said the Pune project is in Lullanagar, near New Command Hospital at Pune Cantonment. It is spread across three acres and will have two iconic towers alongside premium retail spaces. The land is owned by the Manikchand Group and Siddhivinayak Groups (a Rajesh Naupatlal Sakla venture), the company said in a statement.
“At Tribeca, our focus is on crafting landmark projects that redefine the standards of luxury living. Pune has always been a cornerstone market for us, and the remarkable success of our previous developments. With luxury residential sales in Pune on a strong growth trajectory, we are thrilled to unveil this new project, which will not only provide exclusive homes to a select few but also stand as a landmark that defines Pune’s evolving skyline,” said Kalpesh Mehta, founder of Tribeca Developers.
Mehta had earlier told HT.com that Tribeca Developers has finalised six new real estate deals totalling 8 million sq ft with the Trump brand in Pune, Gurugram, Noida, Mumbai, Hyderabad, and Bengaluru. These are expected to have a sale potential of over ₹15000 crore.
Also Read: Trump Towers in India: All that you need to know about their location, price and more
Tribeca is developing over 6 million sq ft of branded residential projects in India with a sale value of ₹6,000 crores. It has a development pipeline of over 4 million sq ft. The company is backed by leading financial institutions, including ICICI Bank, HDFC Capital, Tata Capital, and KKR, the company said in its statement.
Also Read: Tribeca Developers raises ₹200 crore from HDFC Capital for luxury housing project in South Mumbai
“With a 38-year history and after delivering more than 28,000 homes, we wanted to construct something Iconic on this land parcel as our way of giving back to the city. Collaborating with Tribeca Developers is a significant milestone for us. Their legacy of creating iconic projects in Pune and beyond inspires confidence, and we are certain this collaboration will be a resounding success,” Rushabh Sakla of Siddhivinayak Groups, representing Serianee Corrp said.
Property registrations in the Pune real estate market
Pune’s real estate market reported a 25% spike in the total number of property registrations throughout 2024, with 190,025 property registrations compared to 152,323 and a 33% revenue increase to ₹7,098 crore from ₹5,352 crores, according to data from the Maharashtra IGR (Inspector General of Registration).
On a year-on-year (YoY) basis, property registrations increased by 18% to 17,348 property registrations in December 2024 from 14,725 in December 2023. On the revenue collections end, there was an increase of 11% from ₹560 crore in December 2023 to ₹620 crore in December 2024.
