Tribeca inks joint development pact for 6.5-acre land parcel in south Pune

Trump Organizations’ India partner Tribeca has entered into an agreement with Tricon Infra Buildtech to jointly develop a 6.5-acre land parcel on south Pune’s NIBM Road.

The company is planning to develop a premium residential project with a total 268 apartments on the plot that has development potential of 7.5 lakh sq ft.

As per the agreement, Tribeca will be responsible for development, branding, sales & marketing, while the landowner Tricon Infra Buildtech is responsible for requisite approvals, which are already in place.

“We will be executing the project in four years from now. The project is estimated to fetch revenue of Rs 700 crore to Rs 750 crore, while cost of the project is around Rs 450 crore,” Tribeca’s Founder Kalpesh Mehta, told ET.

Last year, Tribeca had picked up a majority stake in a stressed 1.8-million-sq-ft residential led mixed-use development project in this locality through an agreement with its lenders and the developer. This was the second such project acquired by the company then after inking a similar transaction in Bangalore.

Tribeca had acquired 51% stake in the luxury project with a total 400 apartments spread across five towers after making partial payments to lenders , Tata Capital and infusing equity to the developer. This project, The Ark, has so far witnessed sales of over Rs 450 crores in the last 15 months.

“We are currently in talks to acquire at least 2-3 stuck projects and will deploy around Rs 250 crores to buy these projects out completely,” Mehta said.

For the new joint development with Tricon Infra Buildtech on NIBM Road, the company has entered into an alliance with YOO Design Studio and the project will be known as YOO ONE.

This is the fifth YOO project in India and third in Pune. As part of this alliance, Susanne Khan for YOO will be the interior designer for the project.