Tribeca Creators partners with HDFC to build affordable homes in Mumbai suburbs1 min read . Updated: 11 Oct 2017, 09:06 PM IST
HDFC to invest in a Tribeca project called Housing for Millennial Generation, under which homes are going to be built for young people
Kolkata: Tribeca Creators LLPp, the real estate developer building Trump Towers in India, has formed a partnership with Housing Development Finance Corp. Ltd (HDFC) to build affordable homes in the suburbs of Mumbai.
Kalpesh Mehta, managing partner of Tribeca, said HDFC had agreed to invest in a project called Housing for Millennial Generation, under which homes are going to be built for young people.
These are to be priced in such a manner that people will be able to buy them paying roughly the same amount in equated monthly instalments, or EMIs, as they pay in rent, Mehta said.
Young people in Mumbai pay Rs25,000-30,000 in rent but live in “sub-standard" homes, he added.
These are going to be small homes suitable for singles or young couples. Though there will be limited private space, there will be a lot of common shared spaces, according to Mehta. These projects will also have commercial spaces occupied by eateries and stores.
“Luxury is a finite market," Mehta said, adding that there will be no more Trump Towers in the immediate future.