HDFC Capital and Tribeca Developers announce 500 Cr housing platform

HDFC Capital and Tribeca Developers announce 500 Cr housing platform
15/03/2019 , by , in News/Views

HDFC Capital Advisors, the real estate-focused fund management arm of HDFC Ltd, and new-age developer Tribeca have announced a platform to develop premium mid-income housing projects in Mumbai and Delhi NCR.  The platform will invest Rs. 500 Cr. through a combination of debt and equity into projects that Tribeca will develop

This platform will leverage Tribeca’s asset light model of acquiring projects from existing developers through ‘Joint Venture’ and ‘Development Management’ structures, and seeks to benefit from the consolidation underway in the Indian residential sector.

HDFC Capital has already invested Rs. 135 Cr. towards the first project in this platform, a 1 million sqft. residential project in Gurugram, to be developed by Tribeca.   This project will feature an innovative master plan consisting of 600 homes in low-rise and mid-rise blocks around a 4-acre central forest.

Mr. Deepak Parekh, Chairman, HDFC said, “Housing remains a crucial need in India and the demand for housing is expected to grow substantially with increased urbanisation. HDFC’s endeavour is to participate in the huge opportunity of mid income and affordable housing in the country.   We are committed to partnering with developers who are aligned with our vision and values.   We are happy to announce this investment with Tribeca, a new generation developer. This association will help address the demand-supply gap in affordable housing and will ensure that flexible financing is provided to quality developers.”

Kalpesh Mehta, Founder of Tribeca Developers, said, “We are excited to have HDFC’s support at this opportune time when India’s residential sector is witnessing significant consolidation. This partnership helps us materially scale up our business and gets us closer to our vision of building a product and customer centric residential brand.”

VipulRoongta, Managing Director and CEO of HDFC Capital Advisors, added, “Tribeca is a new age developer that is bringing a fresh perspective to this industry.  We are looking forward to back them to create what we believe will become a scalable platform.”

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