PTI: April 11, 2019
New Delhi: Realty firm Tribeca has tied up with Logix group to develop a mixed-use project in Noida with an investment of Rs 250 crore.
The project, located adjacent to Logix City Centre mall, will have a total developable area of 5 lakh sq ft, including 2 lakh sq ft each for retail and office space. The remaining one lakh sq ft will be serviced apartments.
Anarock Capital was the advisor to this collaboration.
"We have partnered with Logix group to develop a mixed use project," Kalpesh Mehta, Tribeca founder and managing director (MD) told PTI.
Asked about the investment, Mehta said the Logix group owns the land parcel and the construction cost would be around Rs 250 crore.
Tribeca, which brought Trump Towers in India, would rope in financial partners to fund this project, he said.
"We will sell serviced apartments and office space in this project. Retail area will be leased," he added.
This partnership would strengthen its development portfolio in Delhi-NCR, Mehta said.
This tie-up is in line with our strategy to collaborate with expert product developers for our marquee land parcels, Logix chief Shakti Nath said.
Santosh Kumar, Vice Chairman of Anarock Group said, This partnership between Tribeca and Logix is a perfect match of complimentary skill sets."
Currently, Tribeca is developing five projects with a total value of Rs 6,500 crore across Mumbai, NCR and Kolkata. It is developing two Trump Tower projects in Kolkata and Gurugram.
Last month, Tribeca partnered HDFC Capital Advisors to form a Rs 500 crore fund for development of mid-income housing projects in Mumbai and Delhi-NCR.
The Logix Group has delivered more than 9 million square feet across residential, commercial and IT or ITES projects.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.