Real estate firm Tribeca Developers, known for bringing the Trump Towers brand to India, has entered into an agreement with the Tejukaya Group to develop a luxury residential project in Parel, South Mumbai, and has raised ₹200 crore from HDFC Capital for the project, the company said.
Tribeca, a pan India developer, is known for its iconic developments such as Trump Towers in Gurugram and Kolkata and The Ark in Pune. It is currently developing over 6 million square feet of branded residential projects in India with a sale value of ₹6,000 crore and has a development pipeline of over 4 million square feet.
“The total project cost for the South Mumbai project is ₹1000 crore. Construction work on the project has already started,” Kalpesh Mehta, founder of Tribeca Developers told HT Digital.
The 2.5-acre project is located in Parel and the company will develop more than 400 residences. It is expecting ₹1,800 crore in sales realisation from the project. This is one of the largest projects in South Mumbai to be developed under the government’s Cluster Redevelopment Policy, the company said.
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 organisations announced in 2019. Earlier this year, HDFC Capital successfully exited the first investment of Rs. 135 crore made from this platform.
The Tejukaya family has owned the land for over 90 years and has secured approvals under Mumbai’s ambitious cluster redevelopment policy.
“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,” said Mehta.
“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,” said Pranav P. Tejookaya, CEO and Managing Director, Tejukaya Group.
Tejukaya Group of Companies, founded in 1888 and headquartered in Mumbai, is a civil contracting and real estate firm. With a century-long legacy, the company has contributed to India’s architectural heritage by constructing iconic buildings and large Infrastructural projects like Old Custom House, Kasturba Hospital, S-bridge in Byculla, Curry Road Bridge, Laxmi Vilas Palace in Baroda among others.