Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Tribeca, Logix Group tie up to develop mixed-used real estate project in Noida
BackBack

Tribeca, Logix Group tie up to develop mixed-used real estate project in Noida

The mixed-used real estate project, comprising offices, residential flats and a shopping mall, will entail an investment of ₹250 crore
  • About ₹100-150 crore of the total investment will be raised as debt from financial institutions, said Kalpesh Mehta, founder of Tribeca
  • As part of the agreement, Logix will continue to hold the land while Tribeca will develop the real estate project over the next three years. (AFP)Premium
    As part of the agreement, Logix will continue to hold the land while Tribeca will develop the real estate project over the next three years. (AFP)

    Mumbai: Tribeca, builders of Trump Towers in India, has formed a joint venture with Noida-based Logix Group to develop a mixed-used real estate project in Noida at an investment of about 250 crore.

    About 100-150 crore of the total investment will be raised as debt from financial institutions, said Kalpesh Mehta, founder of Tribeca.

    Located in Noida's Sector 32, the mixed-use real estate project will comprise a shopping mall, offices and branded residences to be built over a three-acre land parcel owned by Logix Group. This is the first of the many projects that both the companies plan to develop in the future, Mehta said.

    As part of the agreement, Logix will continue to hold the land while Tribeca will develop the real estate project over the next three years.

    “It was initially planned for developing a hotel and residences. Since we came on board, we have changed the strategy a little bit. We added retail and office components instead of hotel," Mehta said.

    The retail space in the project, spread over 1.5 lakh sq.ft, will be connected to an existing mall—Logix City Centre—located adjacent to the project.

    The office segment has a development potential of 1.5 lakh sq.ft. The residential segment—comprising 200 studio and 1 BHK apartment—will be spread over 2 lakh sq. ft. Each of these flats, sized between 800 sq. ft and 1200 sq. ft, will cost 1.5 crore and above.

    Tribeca is also in talks to rope in a brand for the residential project in the next few weeks, Mehta said. This is Tribeca’s second major project tie-up this year after taking up a 1 million sq. ft residential project in Gurugram funded by HDFC Capital.

    On 14 March, the company which is currently building Trump Towers in Kolkata and Gurugram, announced a 500 crore platform with HDFC Capital to develop premium and mid-income housing projects.

    “In Tribeca, we have found the right partner to execute our vision of providing superior product and consumer experience to the market. This tie-up is in line with our strategy to collaborate with expert product developers for our marquee land parcels," said Shakti Nath, founder of Logix Group said in a statement.

    On Wednesday, Logix announced its tie up with another real estate firm ATS Group to complete three of the its projects namely Logix Blossom Greens, Logix Blossom County and Logix Blossom Zest at Noida. The three projects comprise of 4500 apartments and will be delivered in a phased manner.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 11 Apr 2019, 09:21 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie