Tribeca Developers floats rental housing platform 'Trilive', 1st project in Mumbai with 650 flats

New Delhi, Apr 7 (PTI) Real estate company Tribeca Developers on Monday said it has established a rental housing development platform 'Trilive' and will launch its first project in Mumbai.

For its first project, Trilive has purchased 650 studio apartments in Andheri, Mumbai, said Tribeca Developers, which brought the Trump brand in India.

In a statement, Tribeca Developers said that Trilive will be developing as well as acquiring studio apartments across major cities in the country. It will also partner with co-living operator Housr, which operates 75 properties across 5 cities for the management of these properties.

"Trilive plans to sell the first 300 studios at a targeted 6 per cent rental yield to investors with a 9-year lease from Housr, far surpassing the traditional 2–4 per cent yields of Indian residential real estate," the statement said.

The studio apartments will be sold at Rs 70 lakh per unit.

For investors, Housr would ensure steady rent, no vacancies, and no maintenance – offering high returns with zero hassle.

"With Trilive, our goal is to serve the vast unmet need of working professionals in India - high-quality managed rental housing," said Kalpesh Mehta, Founder of Trilive and Tribeca Developers.

Deepak Anand, Co-Founder & CEO of Housr, said, "After serving 15,000 residents, we know exactly what they want and are able to give them a high-quality managed living experience. With occupancy rates over 95 per cent across 75 properties, we have more than adequately proven the demand for luxury managed living." The biggest constraint to growth is not demand but supply, he added.

Tribeca Developers has a portfolio of 13 projects spanning 14 million square feet and valued at more than Rs 16,000 crore, the statement said. PTI MJH DR