It’s been five years now that The Trump Organisation, a New York-based US President Donald Trump’s business venture, has entered the Indian Real Estate Market. And after five years on Wednesday, it has launched its fourth and final residential project in the country.
The Trump Tower is launched in Gurgaon and is being developed at an approximate construction cost of ₹1,000-1,500 crores. As per the founder of Tribeca Developers, Kalpesh Mehta, who is also the official representative of The Trump Organisation in India has said that the Trump Tower will feature around 275 ultra-luxury homes with all modern amenities. The Trump Tower will be constructed by two joint-venture real estate companies, namely, Tribeca Developers and M3M India Pvt Ltd.
The Trump Organisation is working with the local Indian developers via brand licensing agreements on Trump Towers. Also, the companies have not made equity investments. Mehta said, “For the foreseeable future, Trump Tower is the last residential project in India. The plan right now for The Trump Organisation is to focus on completing sales and deliveries of other existing projects. No project has been signed after he took over as President (in January 2017). According to a Reuters report published on 11 January, 2017, Sheri Dillon, the adviser to Donald Trump had said that The Trump Organisation is not going to be a part of any new overseas deal while Trump is President.
Donald Trump had also announced that he would “resign from all positions overseeing his hotels, golf courses and hundreds of other businesses and move his assets into a trust,” the Reuters report said. The Trump Organisation has signed five different Trump Tower projects with different builders and developers so far. There is one project with Lodha Developers Pvt Ltd in Mumbai, a residential project with M3M India Pvt Ltd in Gurgaon, a commercial project with Ireo also in Gurgaon, one in Pune with Panchshil Realty and lastly with Unimark Group in Kolkata.
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India is undoubtedly one of the largest marketplaces for The Trump Organisation standing at whooping revenue potential of around $1.5 billion. It is being said that India is the largest market for the Trump Organisation outside North America in terms of both number of project and sales for Trump Tower. The demand for ultra-luxury homes in the Indian real estate market is primarily concentrated in the regions, such as National Capital Region (NCR), Mumbai, Pune and Bengaluru. The demand for such high-end homes is also soaring rapidly day-by-day in the past three-four years.
Inputs from HT