Kalpesh Mehta, the founder of Tribeca Ventures, which now houses Tribeca Developers and several other entities, told Business Standard in a virtual conversation ahead of the Trump Towers Hyderabad launch on Tuesday that the company intends to raise Rs 2,000-3,000 crore via fresh equity and pre-IPO placements from institutional investors.
“We just finished a big restructuring exercise at the end of the last financial year, so definitely gearing up towards an IPO. We’re looking at 2028,” Mehta said, adding that all the group’s project entities have now been consolidated into Tribeca Ventures Private Limited, which will be the vehicle for the listing.
Tribeca Developers has 13 projects covering 14 million square feet, with a gross development value of Rs 16,000 crore. It is the largest developer of Trump-branded properties in the world.
“We’ll raise probably between Rs 2,000 and Rs 3,000 crore. The target for next year is to get one or two large institutional investors in on a pre-IPO basis,” he said, describing it as a signal of readiness for public markets. The company’s sales are expected to rise to Rs 5,000 crore in FY27, up from Rs 3,500-4,000 crore in FY26. In FY25, sales stood at Rs 1,800 crore, Mehta said.
He added that the company intends to enter the ultra-luxury office segment and plotted development while keeping its focus on high-end luxury residential projects, including upcoming Trump Tower projects, that form about a fifth to a fourth of the company’s portfolio. On Tuesday, Trump Towers were launched in Hyderabad, with two 65-storey buildings comprising 450 apartments and 16 penthouses, with a total developable area of 2,200,000 sq ft. “India continues to be one of the world’s most exciting luxury real estate markets, and we are delighted to bring the Trump brand to Hyderabad for the first time. We are excited to collaborate once again with Tribeca,” Eric Trump, Executive Vice President of The Trump Organization, said in a statement after the launch on Tuesday. The Trump Organization is run by the US President’s sons, Donald Trump Jr and Eric Trump. It earns a licence fee from the Trump-branded towers.
The eighth Trump-branded project in India and the first in South India will entail an investment of Rs 2,000 crore and will be built jointly by Tribeca Developers and Ira Realty. With apartments costing Rs 5-10 crore, and penthouses three to four times that, sales realisation from the project is expected to be around Rs 3,500-Rs 4,200 crore. “While their international market is small, India is their largest market within international,” Mehta said, noting that Trump Towers were among the several trophy assets that saw high demand among Indian buyers and investors. Mehta added that Tribeca would look at three to four additional Trump-branded projects in India over the next four years, exploring the Bengaluru and Chennai markets. At present, Tribeca has launched Trump Tower projects in Mumbai, Pune, Gurugram, Noida and Kolkata.
Mehta said the company is moving into ultra-luxury, amenitised office space in its Pune project, a segment he believes is underserved for small and mid-sized buyers. “There is no true luxury and amenitised office development,” he said, adding that Tribeca sells rather than leases these units, unlike most large office developers who hold assets for rental yield.
The company is also entering plotted development through land joint ventures, which Mehta described as staying true to its “asset-light” model. “So many people who have a lot of land on the outskirts of the cities… we essentially do joint ventures with them,” he said.
