HDFC Capital has provided ₹200 crore financing to Tribeca Developers, a luxury branded residential developer and the largest developer of Trump-branded projects in the world, to develop a residential project in Parel in Mumbai in a joint venture with the Tejukaya Group, Tribeca said in a statement.
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This is Tribeca’s first project in Mumbai and the second investment it has secured from HDFC Capital under a ₹500 crore residential housing platform the two organisations had announced in 2019.
The 2.5-acre project will have over 400 luxury residences with a total sale value of ₹1,800 crore. The project land has been owned by the Tejukaya family for over 90 years and approvals have been secured under Mumbai’s cluster redevelopment policy.
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Kalpesh Mehta, Founder, Tribeca, said, “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, said, “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.”