3 min readAurangabad/mumbai, MumbaiNov 10, 2016 04:34 AM IST
First published on: Nov 10, 2016 at 04:34 AM IST
The under construction Trump Tower at Lower Parel, in Mumbai. (Express Photo: Amit Chakravarty)
For newly elected US President, Donald Trump, India is the second largest market for his family real estate firm, outside of North America. The Trump Organization has finalised five luxury residential and office projects in India in association with local partners in Gurgaon, Mumbai, Pune and Kolkata, according to Kalpesh Mehta, managing partner of Tribeca Developers, Trump Organization’s exclusive representative in India.
“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,” Mehta told The Indian Express.
The ongoing projects include a 75 storey luxury residential project called Trump Towers in association with the Lodha Group in Lower Parel in Mumbai, a luxury residential project and an office project with M3M India and IREO, respectively, in Gurgaon, a luxury housing project with Panchshil Realty in Pune and a yet to be launched project in Kolkata.
While the Pune project with Panchshil Realty has been completed, the project in Mumbai will be ready by 2018-19. According to the agreement, Lodha Group and Panchshil Realty will pay Trump an undisclosed sum in royalty based on the sales for licensed use of his firm’s brand name in the projects. Trump has not invested any money in these two projects.
“We have got a very encouraging response from the Mumbai and Pune projects. In Mumbai, we have already sold 60 per cent of the 402 units at a 35 per cent premium compared to the nieghbouring 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,” said Mehta.
The current property rates for an under construction residential unit in Lower Parel is Rs 25000 to Rs 30000 per sq ft. The Mumbai unit of Trump Tower according to the Lodha Group comprises of 3 and 4 bedroom apartments. The price range of these units are between Rs 9 crore to 25 crore, said the official spokesperson of the Lodha Group in an email.
“Trump has been a big admirer of India, even before announcing his candidature. He has often praised the positive leadership of the country under Narendra Modi. ..,” said Mehta.
The under construction Trump Tower at Lower Parel, in Mumbai. (Express Photo: Amit Chakravarty)
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