Kalpesh Mehta
| Photo Credit: Special Arrangement
HDFC Capital has offered ₹200 crore financing to Tribeca Developers, a luxury branded residential developer and the biggest developer of Trump-branded initiatives within the world, to develop a residential project in Parel in Mumbai in a three way partnership with the Tejukaya Group, Tribeca mentioned in an announcement.
This is Tribeca’s first project in Mumbai and the second funding it has secured from HDFC Capital below a ₹500 crore residential housing platform the 2 organisations had introduced in 2019.
The 2.5-acre project can have over 400 luxury residences with a complete sale worth of ₹1,800 crore. The project land has been owned by the Tejukaya household for over 90 years and approvals have been secured below Mumbai’s cluster redevelopment coverage.
Kalpesh Mehta, Founder, Tribeca, mentioned, “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, Tribeca is finally coming home – to Mumbai.”
“HDFC is amongst the best financial partners any developer in India can hope for, and we are solidifying our relationship with HDFC Capital with a second deal,” he added.
Pranav P Tejookaya, CEO & Managing Director, Tejukaya Group, mentioned, “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.”
