Tribeca, the Indian realty firm signed a deal with the Logix group to develop a mixed-use project in Noida. The company plans to make an investment of Rs. 250 crore in this project. Located adjacent to the Logix City Centre mall on a total developmental area of 5 lakh sq.ft. both retail and office spaces are planned with inclusion of 2 lakh sq.ft. space for each. The company plans to develop service apartments on the leftover space of 1 lakh sq.ft.
Anarock Capital was the advisor for this collaboration. Santosh Kumar, Vice Chairman of Anarock Group said this joint venture is a perfect match for both the companies as they have complimentary skill sets.
Kalpesh Mehta, founder and Managing Director of Tribeca said that the firm has partnered with the Logix group to develop a mix-land project in Noida. He further said that the Logix group owns the land parcel and the construction cost is estimated to be around Rs. 250 crore.
Tribeca is the real estate firm that bought Trump Towers in India is likely to bring in multiple financial partners to fund this project, MD said. He also informed that both the serviced apartments and office space in this project will be sold while the retail area will be given on lease.
Mehta also said that this partnership would strengthen its development portfolio in Delhi-NCR.
On the other hand, Shakti Nath, Chief of the Logix group said that this tie-up is a part of our strategy to collaborate with expert product developers for our marquee land parcels.
Presently, Tribeca has five under construction projects with a total value of Rs. 6,500 crore across Mumbai, NCR and Kolkata. Also, the company is constructing two Trump Tower projects in Kolkata and Gurugram.
Last month, Tribeca partnered with HDFC Capital Advisors to form a Rs. 500 crore fund to develop mid-income housing projects in Mumbai and Delhi-NCR.
Similarly, the Logix Group has delivered over 9 million square feet across residential, commercial and IT or ITES projects.