Realty firm Tribeca Developers has successfully sold all 228 luxury apartments in the first phase of its new Mumbai housing project for over Rs 1,000 crore, driven by strong demand.
In January, Tribeca Developers partnered with Tejukaya Group to develop the luxury project, 'The Edge,' with a Rs 1,000 crore investment. The project also secured Rs 200 crore in funding from HDFC Capital.
The 2.5-acre project is set to include approximately 400 units in total. The first phase, featuring 228 units priced between Rs 4 crore and Rs 12 crore, has already seen impressive results. According to a company statement, sales in this initial phase have surpassed Rs 1,000 crore within just a month.
Kalpesh Mehta, founder of Tribeca said, "We focus on building only landmark trophy properties, and our projects have always been extremely well received across India. This is the biggest launch that Tribeca has had in its 12-year journey."
He noted that the market for luxury residences in India remains strong.
"Our asset light approach relies heavily on having extremely strong partners who have strong land expertise, such as Pranav Tejookaya. This land had been in his family for over 100 years and had 730 families housed in chawls built by his great grandfather. Pranav bhai's ability to vacate and get approvals on once in a lifetime site, is a big reason for our success," Mehta said.
Tribeca is the largest developer of Trump-branded properties in the world, second only to the Trump Organization.
Currently, Tribeca is developing over 6 million sq ft of branded residential projects in India with a sale value of Rs 7,000 crore and has a development pipeline of over 4 million sq ft.
(With Inputs From PTI)
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