Mumbai, Aug 21: Realty firm Tribeca Developers has sold all 228 luxury apartments for over Rs 1,000 crore in its new housing project in Mumbai, helped by strong demand.
In January, Tribeca Developers announced a tie-up with Tejukaya Group to build the luxury housing project named ‘The Edge’ in Mumbai with Rs 1,000 crore investment. It had raised Rs 200 crore from HDFC Capital for this project.
The company plans to develop a total of about 400 units in this 2.5-acre housing project.
In a statement, the company said it has launched the first phase of its luxury project ‘The Edge’. The company launched 228 units in the first phase in a price range of Rs 4 crore to Rs 12 crore.
“In just 30 days, the project has achieved sales exceeding Rs 1,000 crore,” it added.
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. (PTI)
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