In a market where most developers chased scale and volume, Kalpesh Mehta took a different path. More than a decade ago, when luxury real estate was struggling for a foothold in India, he bet on high-end, branded residences. As co-founder and managing director of Tribeca Developers, he built a business focused on premium projects and brand licensing, introducing Trump Towers to the country.
His conviction was tested early on. When Tribeca brought the first Trump-branded projects to India, the real estate cycle was in decline, luxury sales were sluggish and many believed there was no market for ultra-premium developments. But Mehta believed otherwise.
"India has a huge shortage of high-quality real estate. It is a myth that luxury real estate doesn’t sell. The problem is, there is hardly any real luxury development in India. People have been making high-rise apartments and calling them luxury. That’s not luxury," he said.
A long-term view on luxury
Coming from a family of architects, Mehta first enrolled at Mumbai’s LS Raheja School of Architecture but left the course midway. He decided to pursue higher education in the US, earning an undergraduate degree at the University of Texas at Austin before joining the Wharton School. It was there that he met Donald Trump Jr, who would later become a friend and business partner. Trump Jr is the eldest son of the businessman and current US President Donald J Trump.
But before he became a real estate developer, he honed his skills as a private equity investor with the Carlyle Group’s real estate funds and then with Lehman Brothers till 2010. “It was my learnings as a private equity investor that led me to spot the opportunity in luxury real estate in India," Mehta said.
In 2012, he signed an exclusive licensing deal with The Trump Organization and soon enough well-known developers began lining up to sign projects. Lodha, Panchshil and M3M signed up with Mehta to bring Trump-branded projects to India.
“We were honestly surprised by the market response even from cities where people said there is no room or opportunity for the Trump brand. We are now expanding in cities like Kolkata, where luxury real estate was seen as a tough sell. Everyone told us to not go to Kolkata, they said that the market is dead anyway, and we would not get the price for luxury real estate. With our first ad for the project, we sold 40 percent of the inventory within 40 days, and within three months, we sold 75 percent of the project," he recalled.
After Donald Trump took over as President for the first time in 2017, his Trump Organisation had imposed an embargo on itself on signing new deals for Trump-branded projects. During Trump's current term, however, The Trump Organisation is free to sign new deals, prompting developers all over the world to line up for new Trump-branded developments.
Tribeca too has earmarked a number of new Trump-branded real estate developments across India, starting with the Trump World Center commercial development in Pune, with more deals in the anvil over the next few months.
Sticking to the strategy
Mehta’s focus on luxury real estate was not just about brand appeal—it was also about understanding the real estate cycle. Unlike the mid-market segment, where demand fluctuates with economic conditions, he saw the ultra-luxury space as an under-supplied, recession-resistant market.
"Real estate has a standard cycle, and it is predictable years in advance, taking a long time to turn. Right now, we are in a good cycle. Typically, a real estate bubble bursts when there is a debt bubble that also bursts, with IL&FS being the prime example. This time around, we do not see a debt bubble. This rally still has legs, but the cycle is sure to repeat," he said.
Rather than chasing land acquisitions, Tribeca follows an "asset-light" model, partnering with landowners while maintaining control over branding and execution. This approach has allowed the company to expand its luxury portfolio in Mumbai and Pune without tying up significant capital.
Expanding its footprint in Mumbai
In its home city of Mumbai, Tribeca is working on its latest project, The Edge, in Parel through a cluster redevelopment project on land that was home to families of cotton mill workers. The land is owned by the century-old Tejukaya group, a legacy player in Mumbai’s real estate and infrastructure business. The developers have sold out the first tower in the project, pricing it slightly below other ultra-luxury developments in the area.
Tejukaya also owns another land parcel in Matunga, where Tribeca has planned another luxury development, further strengthening its presence in Mumbai's high-end market.
Securing capital and future ambitions
Investments needed for the company's extensive developments have been relatively easier to garner than for many in the highly fragmented and still-unorganised industry, due to Tribeca's brand and associations. For its ongoing projects, Tribeca has managed to bring on board lenders such as the HDFC group and ICICI Bank, through both structured credit and traditional lending deals.
Over the longer term, however, Tribeca has expressed interest in tapping into the capital markets through a potential listing in the next three to four years. This aligns with the broader trend of formalisation in the real estate sector, as more developers seek less-risky avenues for capital.
Mehta remains confident that his early bet on luxury real estate will continue to pay off.
"Buyers today are more discerning than ever. They are willing to pay a premium for the right product. Our focus has always been on delivering world-class developments, not chasing volume. That’s the space we want to own," he said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!