As Indian cities continue to attract increasing numbers of young professionals at a rapid rate, demand for high-quality, luxury rental housing has never been more robust. Yet the housing property market remains afflicted by shortage of supply and an outdated system, especially in the area of built-for-rent housing.
This need is being driven by the rapid growth of employment in cities like Mumbai, Bengaluru, Hyderabad, and Gurugram that are home to many multinational companies, startups, and IT parks. With these cities emerging as economic drivers, they draw a consistent stream of qualified professionals looking for conveniently located and hassle-free rental accommodations. But the supply of well-planned, purpose-built rental accommodations has been behind this demand, and as a result, many young professionals
have limited and often poor-quality housing choices.
To address this, Tribeca Developers, India’s leading trophy property developer, and official licensor of Trump Branded projects in India, has initiated Trilive, a first of its kind managed rental living concept. Its inaugural project in Marol, Andheri (Mumbai) is a landmark development for India’s property market.
India’s cities have almost 10 million solo millennials in the corporate world, most of whom would rather lease than own. But fewer than 0.5% of the country’s housing consists of studio apartments. For a generation that has grown up on world-class merchandise in fashion, travel, and entertainment, their housing options are all too often either old-fashioned or inconveniently shared housing.
Trilive seeks to bridge this gap with the provision of well-designed, full-service, and amenity-laden studio apartments. These residences offer not only a home to call one’s own, but an experience tailored to the lifestyle of young working professionals.
Trilive Andheri will be India’s largest serviced apartment complex of 650 studio apartments. The initial 300 apartments are being sold to investors with an unprecedented offer: a 6%+ guaranteed rental yield, well above the India average of 2 – 4% residential rental yield. Every apartment has a 9-year leaseback with Housr, India’s biggest luxury serviced apartment operator.
The flats, although compact, will have an air of luxury with private balconies, cityscape views, and tech-savvy interiors. The occupants will also enjoy high-end amenities like gyms, co-working spaces, rooftop lounges, mini cinemas, and other amenities, smoothly controlled through Housr’s mobile application.
What differentiates Trilive is its attractiveness not only as a home solution but also as a feasible investment opportunity. By collaborating with Housr, primarily recognized for operating 75 properties in five cities with an over 95% occupancy rate, Trilive guarantees stability and professionalism in property management. Investors do not have to worry about tenant hunting, property maintenance, or rent collection. The integrated ecosystem is designed carefully to enable passive income alongside the potential of real estate appreciation.
“Tribeca was founded with a vision of giving the Indian consumer true global-quality trophy properties,” said Kalpesh Mehta, Founder of Trilive and Tribeca Developers. “Whether it’s Tribeca projects or our Trump-branded developments, each project of ours becomes a landmark. With Trilive, our goal is to serve the vast unmet need of working professionals in India – high-quality managed rental housing. I am pleased to announce our first project in partnership with the Starwing Group, a high-quality developer with deep roots in the Andheri market, and Housr, a company I co-founded 5 years ago.”
To make this vision a reality, Tribeca has partnered with Starwing Group, a high-end developer with deep roots within the Andheri market. Their project, i-Stay, is the foundation for Trilive’s first foray. Housr, co-founded by Mehta himself, rounds out the partnership by taking care of operations and experience management. This strategic partnership ensures that everyone involved, from the residents to the investors, benefits from quality, convenience, and consistency.
Trilive is not a standalone initiative. It is a model that has the potential to scale up in many cities in India, providing standardized supply of quality rental housing. With an objective of increasing its capacity to 7,000 to 8,000 beds within the next two years, Trilive is revolutionizing the notion of renting in Indian cities.
In an economy of low returns on investment and tenant-related issues the norm, Trilive’s model is an unusual three-in-one: high returns, low hassle, and long-term appreciation of assets. Trilive could be the future of renting for India’s changing cities.
