New Delhi: The new housing project in Mumbai by Tribeca Developers has successfully sold all 228 luxury apartments for a total of over Rs 1,000 crore due to high demand. Tribeca Developers joined forces with Tejukaya Group in January to embark on 'The Edge' luxury housing project in Mumbai, with an investment of Rs 1,000 crore. It had secured Rs 200 crore from HDFC Capital for this initiative.
The company intends to build approximately 400 units in this housing project spanning 2.5 acres.The company announced that it has initiated the initial stage of its high-end development 'The Edge'. The company introduced 228 units in the initial phase with prices ranging from Rs 4 crore to Rs 12 crore. "Within a month, the project has generated sales surpassing Rs 1,000 crore," it included.
Kalpesh Mehta, the creator of Tribeca, stated that their main priority is constructing iconic trophy properties, and their developments have always been highly appreciated throughout India. This marks the most significant debut Tribeca has experienced in its 12-year history. He observed that there is still a robust market for luxury homes in India.
Our strategy of being asset light depends greatly on partnering with experts in land like Pranav Tejookaya. His great grandfather had built chawls on this land over 100 years ago, where 730 families now reside. Mehta stated that Pranav bhai's skill in relocating and securing approvals for unique sites is a major factor in our success.
Tribeca is the second largest developer of Trump-branded properties worldwide, behind only the Trump Organization. Tribeca is currently working on more than 6 million sq ft of branded residential projects in India, valued at Rs 7,000 crore, and has a development pipeline of over 4 million sq ft.
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