Bengaluru: Tribeca Developers, the real estate partner of the Trump Organization in India, has launched Trilive, a rental housing development platform, and will launch its first project in Mumbai.
Tribeca has partnered co-living operator Housr to cater to the demand for rental homes of millennials and single individuals across the top cities. For its first project, Trilive has bought 650 studio apartments in suburban Marol from Mumbai-based developer Starwing Group.
In this project, it plans to sell the first 300 studio apartments at a targeted 6% rental yield to investors with a nine-year lease from Housr, which is higher than the prevalent 2-4% yields in the residential sector. The 300 studio units, of around 200 sq ft., are priced at ₹70 lakh each. The remaining units will be leased to potential tenants.
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“Marol is a huge employment hub. We have redesigned the units and will furnish them. Demand for such properties is high but there is hardly any supply. The properties will be managed by Housr and investors get steady, assured rental yield plus capital appreciation over a period of time,” Kalpesh Mehta, founder of Tribeca and Trilive, said in an interview. Mehta is also the co-founder of Housr, which operates 75 properties across five cities and is backed by HDFC Capital and Adar Poonawalla’s Serum Institute of India.
Trilive intends to deploy the rental housing model and take it to cities like Pune, Bengaluru and Hyderabad.
Mehta added that to scale up the business, it is planning to raise $100-200 million. The company is in discussions with institutional investors to fund at a portfolio level.
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“After serving 15,000 residents, we know exactly what they want and are able to give them a high-quality managed living experience. The biggest constraint is not demand, but the supply of studio apartments. With this partnership with Trilive, we are looking at rapidly expanding by securing a steady supply of 7,000-8,000 beds across India in the next two-three years,” said Deepak Anand, co-founder and chief executive officer, Housr.
A March report by Anarock Property Consultants said that capital values in key micro markets of the top seven cities have grown by a significant 128% between 2021-end and the end of 2024, while rental values in many micro markets have appreciated less than the overall capital value growth.
For investors, this suggests strong long-term returns in cities such as Noida, Hyderabad and the Mumbai Metropolitan Region (MMR), where capital appreciation outpaced rental growth.
“More than ever, investors must align their strategy along very location-specific lines,” said Anuj Puri, chairman, Anarock. “Those looking for long-term capital appreciation can target markets with high appreciation, while rental-focused investors should zero in on localities where rents are rising steadily. For homebuyers, it is extremely important to weigh property price trends against rental growth to understand if buying or renting makes more financial sense in each location.”
