Mumbai: Tribeca, builders of Trump Towers in India, has formed a joint venture with Noida-based Logix Group to develop a mixed-used real estate project in Noida at an investment of about ₹250 crore.
About ₹100-150 crore of the total investment will be raised as debt from financial institutions, said Kalpesh Mehta, founder of Tribeca.
Located in Noida’s Sector 32, the mixed-use real estate project will comprise a shopping mall, offices and branded residences to be built over a three-acre land parcel owned by Logix Group. This is the first of the many projects that both the companies plan to develop in the future, Mehta said.
As part of the agreement, Logix will continue to hold the land while Tribeca will develop the real estate project over the next three years.
“It was initially planned for developing a hotel and residences. Since we came on board, we have changed the strategy a little bit. We added retail and office components instead of hotel,” Mehta said.
The retail space in the project, spread over 1.5 million sq.ft, will be connected to an existing mall—Logix City Centre—located adjacent to the project.
The office segment has a development potential of 1.5 million sq.ft. The residential segment—comprising 200 studio and 1 BHK apartment—will be spread over 200 2 million sq. ft. Each of these flats, sized between 800 sq. ft and 1200 sq. ft, will cost₹1.5 crore and above.
Tribeca is also in talks to rope in a brand for the residential project in the next few weeks, Mehta said. This is Tribeca’s second major project tie-up this year after taking up a 1 million sq. ft residential project in Gurugram funded by HDFC Capital.
On 14 March, the company which is currently building Trump Towers in Kolkata and Gurugram, announced a ₹500 crore platform with HDFC Capital to develop premium and mid-income housing projects.
“In Tribeca, we have found the right partner to execute our vision of providing superior product and consumer experience to the market. This tie-up is in line with our strategy to collaborate with expert product developers for our marquee land parcels,” said Shakti Nath, founder of Logix Group said in a statement.
On Wednesday, Logix announced its tie up with another real estate firm ATS Group to complete three of the its projects namely Logix Blossom Greens, Logix Blossom County and Logix Blossom Zest at Noida. The three projects comprise of 4500 apartments and will be delivered in a phased manner.