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  Development Project 13 - MIG Group-IV, Bandra
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This transaction enabled Trikona TC to enter into a development partnership with the Keystone group, in order to capitalise on a predominantly residential development in a prime location in Mumbai. The SPV (Trinity Capital (Fifteen) Limited) owns 49% of the underlying asset while 51% is owned by Keystone Realtors Pvt. Ltd. This SPV is in turn owned in a ratio of 55:45 by SachsenFonds and Trikona TC.
The attractiveness of the project lies in its strategic location. The site is in close proximity to the Secondary Business District (SBD) of Mumbai known as the Bandra Kurla Complex, which is fast outgrowing the traditional/preferred Central Business District of Nariman Point. As more and more corporate offices are moving into the Bandra Kurla Complex, there is an increasing demand for quality residential real estate space in the adjoining areas.
The MIG Colony at Bandra East, one of the upmarket suburbs of Mumbai, is divided into six groups - Group I to VI. All the groups are at varying stages of negotiations for redevelopment. The proposed development of the six groups in MIG will see a complete renewal of the neighbourhood as the redevelopment program will involve the adding of new community facilities in addition to high-rise housing.
The Project will encompass 598,133 sq. ft. of which 330,763 sq. ft. will be used for rehabilitating the existing society members and 267,370 sq. ft. will be available to the project SPV for free sale at the market rate.
The demand thesis is supported by two key drivers:
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| Highlights |
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- The rapid growth of Bandra Kurla Complex as the prime commercial location in Mumbai for corporate offices;
- The shortage of quality residential development in the adjoining areas to cater to the captive demand of corporate executives working in the Bandra Kurla Complex.
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| View Project Details |
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£82.3 million*
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| 267,370 sq. ft. |
49% owned** |
| Project Name |
MIG Bandra Group –IV, Bandra
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| Partner |
Keystone RealtorsPvt. Ltd.
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| Location |
Bandra, Mumbai, India |
| Type |
Residential and Urban Rejuvenation
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| Saleable Area |
267,370 sq. ft.
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| Capital Invested |
£3.79 M |
** The Mauritian SPV owns 49% of DP-13; however, The SPV in turn is owned in a ratio of 55:45 by SachhsenFonds and Trikona TC.
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