Tribeca forms JV with Noida developer
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 in a statement. 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. The retail space in the project, spread over 1.5 million 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 million sq.ft. The residential segment—comprising 200 studio and 1 BHK apartment—will be spread over 200 2 million sq. ft. Each of these flats, sized between 800 sq. ft and 1200 sq. ft, will cost ?1.5 crore and above.
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