Realty firm Tribeca Developers has tied up with Tricon Infra Buildtech to develop a luxury housing project in South Pune with an investment of around Rs 525 crore, as part of its expansion plan. The Mumbai-based company on Thursday launched the project 'YOO ONE' in partnership with Pune-based Tricon Infra.
The two partners will construct 286 apartments in this project under two phases. The price of apartment ranges from Rs 1.9 crore to Rs 3.6 crore. The price of apartment ranges from Rs 1.9 crore to Rs 3.6 crore.
"Tribeca brought Trump brand in India. We have now partnered with another global brand YOO for our new project," Tribeca Developers founder Kalpesh Mehta told reporters here. Tricon Infra owns the 6.75 acres land, while Tribeca is the development manager of this project. YOO is brand partner.
"The total project cost, including land cost, is Rs 525 crore," Mehta said. The construction cost is estimated at Rs 450 crore. The total investment will be funded through equity, debt and advances from customers against sales, he added.
Brajesh Singh, Managing Director of Tricon, said that the project will be completed in the next four years. Tricon Infra has done 35 projects as contractors and this is its first project as developer, Singh said.
This will be the third YOO branded project in Pune and fifth in India. Sussanne Khan is the interior designer for the project. This is the second project of Tribeca in Pune. It is already developing a mixed use project 'The Ark' comprising 1.8 million square feet.
Mehta said there is a strong demand for luxury housing in Pune and expects the new project to be successful. Talking about the Trump Tower projects in India, Mehta said, there are four projects in the country, of which, two in Pune and Mumbai are already completed, while two in Gurugram and Kolkata are under construction.
Tribeca is the largest developer of Trump branded properties in the world, second only to the Trump Organization, he added. Tribeca is currently developing over 5 million square feet of branded residential projects in India with a sale value of Rs 6,000 crores, and has a development pipeline of over 4 million square feet.