Trump's India plans
According to Trump Jr, India is his company’s largest market outside of the US. His $9.5 billion company, the Trump Organization, is looking to sell prime real estate to luxury buyers in major metro cities of India.
His visit is mainly to celebrate the official launch of Trump Towers Delhi-NCR—his company’s latest and by far the biggest project to date in India. The soft launch has already received an incredible response. Within 25 days, the project has been selling two residences a day—receiving a sales booking of a whopping Rs 450 crores. The average ticket price of a home in Trump Tower is around Rs 7.5 crore—setting a new record for the Delhi NCR real estate market.
The President’s eldest son is no stranger to the growing Indian real estate market. He made the plunge way back in 2010 to claim a piece of the luxury residential pie— launching the first Trump Tower in Worli, Mumbai. Ever since, it has been making rapid expansion with its India representative, Tribeca Developers and other business partners. The company works on licensing agreements where its partners build the properties and acquire the Trump name in exchange for a fee.
Apart from Delhi NCR, three more Trump Tower projects are currently underway in Mumbai, Pune and Kolkata with a total revenue potential of $1.5 billion. Another project, which is expected to be for commercial office spaces instead of residential, is also in the pipeline for Gurgaon.
If you are looking to invest in any of these places, here’s what you should know:
- Pune: Currently, Pune is the only city in India that boasts two Trump Towers. Located in the upscale Kalyani Nagar area, they have been built over 1.4 million square feet by Panchshil Realty. The two striking glass facade towers of 23 stories each have 46 single-floors and 5 BHK residences spread across 6,100 square feet. Starting price for an apartment is Rs 15 crore. If you like famous neighbours, then you may run into Ranbir Kapoor and his father Rishi Kapoor who own a home each here.
- Mumbai: In 2013, Trump Organisation tied up with the Mumbai-based developer, Lodha Group. It rises a majestic 800 feet above the city, overlooking the Arabian Sea in the posh Worli area. The gold-hued towers built over seven acres have 400 flats starting from Rs 9 crore for a 3-BHK and Rs 12 crore for a four-BHK flat. The building is expected to be ready by 2019 and will also offer a private jet service to the residents.
- Gurgaon: An office space in Trump’s Gurgaon project being built by real estate private equity firm IREO has an investment of around Rs 1,000 crores comprising 6-7 lakh of leasable area in its 500 acre space.
Earlier this year, Trump announced luxury residential project in Gurgaon in partnership with real estate firms M3M India and Tribeca Developers with a planned investment of Rs 1,200 crore. The 250 ultra-luxury residences will have three and four bedroom options in sizes ranging from 3,500 sq ft to 6000 square feet. The apartments will lighten your pockets by around Rs 5-10 crore.
- Kolkata: Kolkata’s EM Bypass road will soon house 140 ultra-luxury apartments at the Trump Towers that are being built by realty firms Unimark Group, RDB Group and Tribeca Developers. Ever since its soft launch in October last year, 50 percent units have already sold out, even though apartments are not expected to be ready before 2020. The starting price is Rs 4 crore for a 2,500 sq ft size flat.
All In The Family
The 40-year-old has been running the global family real estate business ever since his father Donald Trump took over Presidency of the United States and promised to stay away from his personal business investments in overseas markets to avoid conflict of interest. No new projects have been signed since the change over in the US.
Still the name has drawn a lot of attention to the existing projects with some units selling 30 percent higher than the average market price. Also, Trump has promised to meet potential buyers personally on this trip, enticing investors to invest in under-development projects.
As the advertisements announcing Trump’s arrival in India say, “Trump is here, where are you?” If you are interested in buying luxury real estate, sometimes a brand name matters as much as the location.