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HDFC Capital Advisors, Tribeca Developers form housing platform for realty projects

Friday, 15 Mar 2019

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HDFC Capital Advisors and realty firm Tribeca Developers on 14 March 2019 announced Rs 500 crore fund for development of mid-income housing projects in Mumbai and Delhi-NCR. The projects will be developed by Tribeca Developers, which is developing two Trump Tower projects in Kolkata and Gurugram.

The money will be invested through a combination of debt and equity. The two entities have already identified its first project in Gurugram where around 600 flats will be constructed.

The company has already tied up with a local developer who owns the land. This project will be developed at a construction cost of around Rs 300 crore. HDFC Capital has already put in Rs 135 crore as debt in this first project.

This platform will leverage Tribeca’s asset light model of acquiring projects from the existing developers through a joint venture (JV) and development management structures. HDFC Capital Advisors manages two affordable housing funds -- HDFC Capital Affordable Real Estate Fund I and II -- which collectively have a corpus of around USD one billion.

Tribeca Developers is currently developing five projects with a total value of Rs 6,500 crore across Mumbai, NCR and Kolkata.