Tribeca Aims To Ink Four–Five Trump Tower Deals By September, Says Founder Kalpesh Mehta

Tribeca Developers, the licenced partner of the Trump Organization in India, plans to sign at least four to five new Trump Tower deals before September to encash the growing demand for luxury projects in the country.

The move will further strengthen the company's position in the luxury real estate segment after the successful launch of their first two Trump Tower projects in Gurgaon and Kolkata, founder Kalpesh Mehta told NDTV Profit in an interview.

He said the new deals would be inked under Tribeca's two business models — full stack, and development management models. Under full stack, the company will build the entire project itself, especially the projects in Mumbai and Pune as these are familiar locations. In the development management model, the joint venture partners will provide the land, finance and the approvals, and Tribeca will bring in the lifestyle design concept and building capabilities to the project.

The real estate developer plans to develop around four–five new luxury projects with a total top line of Rs 6,000–7,000 crore, and an investment of Rs 1,000 crore in the current and the next financial years each. Tribeca’s existing projects have been commanding a premium over other developers' projects between 50% and 80% in Gurgaon and around 30% in Pune and Mumbai, according to Mehta.

The company has also achieved a total sellout for its Rs 1,000-crore first Mumbai project, The Edge, in just 30 days. The project, developed in collaboration with the Tejukaya Group, saw high demand for the luxury residences.

The developer had tied up funds with HDFC Bank Ltd. and Piramal Capital for funding the Mumbai project, but due to the rapid sales, they did not need to draw the full amount. In fact, they received a 50% discount on the premium under Cluster 33(9) of the Rehabilitation and Resettlement Scheme, enabling them to pay back the lenders, Mehta said.

The Mumbai project also involved a redevelopment component, where Tribeca will rehabilitate around 750 families in two additional properties.

Mehta sees huge potential in redevelopment projects. "Over 70% of old Mumbai will require redevelopment in coming years, with a potential market size running into lakhs of crores."

Mehta said the iconic luxury properties, which he terms trophy properties, are going to be the buzzword for the luxury real estate segment in India and would also emerge as a trend that is here to stay.

He describes the trophy properties as lifestyle statements that are expressed through design concepts and help projects derive a premium of two times over other projects in the region. "These projects, like the Trump Tower in Gurgaon and the Ark Project in Pune, offer a unique combination of location, product, and positioning that justifies the premium pricing."

Tribeca's sales in the current fiscal can be close to Rs 2,500 crore, up from Rs 900 crore in 2023–24. The company has already achieved sales of Rs 1,600 crore as of now, Mehta said.

With the global trend of trophy properties catching up fast in India, Mehta said Tribeca would capitalise on the growing demand for luxury projects in the country.