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Tribeca acquires 51% stake in under-construction project in Pune

The project Voyage to the Stars was launched by Acropolis Developers in 2015, and ran into financial difficulties in 2019

Tribeca, the developer of multiple Trump Towers in India, has acquired 51 percent stake in a 1.3 million square feet under construction luxury project in Pune.

The project Voyage to the Stars was launched by Acropolis Developers in 2015. It ran into financial difficulties in 2019.

Eventually, Tribeca was selected as the preferred developer by the lenders and by the existing developer due to Tribeca’s experience with luxury residential developments in India through its Trump association.

It has now bought a 51 percent stake in the project from Acropolis, the company said in a statement.

Acropolis Developers will now hold the remaining 49 percent stake.

“This is an iconic project - amongst the best in our portfolio, right up there with our Trump developments. It is great to be able to put forth a roadmap for the launch of this brilliant project,” said Kalpesh Mehta, Founder of Tribeca.

Popular for its asset-light model, Tribeca has been scaling quickly to focus on acquiring distressed projects and revive them through its product innovation, distribution, customer experience, and delivery, thereby creating a compelling consumer brand.

“We stay asset light because it allows us to focus our energies on what we do best. Design, build and sell. Land requires a very difficult skill set and high-risk capital,” Mehta said.

‘Voyage to the Stars’ towers above the Pune skyline and boasts of Pune’s first terrace deck, that bridges all five towers forming a gigantic two-and-a-half-acre entertainment deck in a vision that is both breathtakingly bold and beautiful. Each tower houses 68 apartments with four apartments on each floor and a total of 400 apartments across all five towers.

The project offers only 3- and 4-bedroom apartments with a pricing of Rs 2 to 2.5 crore onwards. Out of the five towers, Tower A has been delivered already. Towers B and C will be delivered by 2021 and 2022 respectively and Towers D and E are planned for delivery by 2023.

These projects are centrally located with easy access to the city's top schools, malls, hotels, hospitals as well as to the Pune International Airport and the railway station.

Of its current development portfolio of 4.5 m sq. ft and a total sale value of over Rs 5000 crore, Tribeca does not own the land on any of the projects.

Trump towers are being developed in Mumbai, Pune, Gurugram and Kolkata. Of the four Trump properties in India, two—in Pune and Mumbai—are complete. The ones in Kolkata and Delhi-NCR are under construction. In Pune, the global brand licensed the Trump name to Panchshil Realty. For the Kolkata project, it has partnered with Unimark Group to build a 400,000 sq ft residential project, with the signature Trump Tower on the city’s EM Bypass stretch.

The Delhi-NCR market was the last Indian market it entered in 2018. The Trump brand made inroads in the north Indian real estate market through M3M India and Tribeca Developers

Apart from planning and strategizing Trump projects for the Indian market, Tribeca has also been in talks with developers to acquire projects in the form of joint venture or revenue sharing model to develop and market mid-size and luxury projects.

In 2019, Tribeca announced two major developments – a 1 million sq. ft residential project in Gurgaon funded by HDFC Capital to develop premium and mid-income housing projects and a tie up with Logix Group to develop mixed-used real estate project in Noida comprising offices, residential flats and a shopping mall, at an investment of ₹250 crores.

Moneycontrol News
first published: Feb 4, 2021 08:32 pm