Mumbai, Pune, Gurgaon: Trump's 'Real' interest in India
- Trump Organisation has real estate interests in multiple cities in India.
- The projects include luxury residential and office projects.
- Projects in association with local partners.
India happens to be US President Donald Trump's second biggest market for his real estate firm outside North America.
As per a recent report in The Indian Express, Trump Organisation's exclusive India representative, Tribeca Developers' managing partner, Kalpesh Mehra, confirmed that the USA based organisation has finalised five office as well as luxury residential projects in India in collaboration with local partners.
Mehta is quoted as saying, “India is one of the largest markets for Trump Organization with maximum number of projects after North America. The gross development value of the five projects is $1.5 billion,”
Currently, there are three cities, Mumbai, Pune, and Gurgaon in which projects are ongoing and soon, a new project will be launched in Kolkata.
Mumbai is having a 75 storey luxury residential project named, Trump Towers, in collaboration with Lodha Group in Lower Parel; a luxury residential project with Panchshil Realty and an office project in association with M3M in Gurgaon, and a luxury housing project in Pune with Panchshil Realty.
The Pune project is already complete, and Mumbai one will be ready by 2018-19. As per the terms of the agreement, Lodha Group and Panchshil Realty will have to pay the Trump Organisation an undisclosed amount in royalty on the basis of the sales for licensed usage of Trump's brand name.
The Trump Organisation has not made any investment in the development of any of these projects in India.
About the development and prospect of the projects, Mehta said, “In Mumbai, we have already sold 60 per cent of the 402 units at a 35 percent premium compared to the neighbouring projects in the same area. The Pune units too have been sold at a premium of 60 per cent. All this because of the Trump brand,”
The Trump Tower unit in Mumbai has 3 and 4 BHK units disclosed Lodha group and the price will be ₹25,000 to ₹30,000 per sqft for the residential units.