Tribeca Launches Rental Housing Portal

It plans to sell the first 300 studio apartments at a 6% rental yield to investors with a nine-year lease in Mumbai's Marol

- Madhurima Nandy

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 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.