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Former US President Donald Trump’s Trump Organization plans to open nearly a half-dozen ultra-luxury properties in India. The group is in talks with Gurgaon-based Tribeca Developers and plans to begin construction on at least two of these Trump properties by 2023.
Donald Trump Junior, the flamboyant US President’s son and executive vice president of the Trump Organization, met Tribeca founder Kalpesh Mehta. “I am extremely optimistic about the Indian market. It is already our largest market outside of the United States,” Trump Junior told Business Today.
Mehta, who has worked with Trump Junior for nearly a decade and was instrumental in bringing the Trump Towers to India, stated that nearly five Trump projects are in the works and are expected to be completed within the next year. Combined, these properties would add Rs 2,500 crore in inventory to the ultra-luxury market.
Apart from ultra-luxurious residential apartments, the two entities are also exploring commercial real estate projects as part of the upcoming Trump projects. At least one of them, planned for Pune, will open next year. Furthermore, Trump projects are expected to be built in cities such as Hyderabad, Bangalore, Ludhiana, and Chandigarh.
According to Trump Junior, the Trump Organization’s partnership with Tribeca has been fruitful thus far, as real estate development remains a domain of local players. “Tribeca, under Kalpesh, has helped materialize previous projects,” he said, adding that the Trump Organization intends to stick with its partner for future launches.
In India, Tribeca delivers Trump brand properties, while the Trump Organization provides expertise and ensures quality. Two of the four Trump Towers are already complete. The 0.56 million square-foot Trump Tower in Mumbai and the 0.27 million square-foot Trump Tower in Pune are sold out.
While Trump Towers in Gurugram, Delhi-NCR (1.2 million square feet) and Kolkata (0.41 million square feet) are currently under construction, apart from Trump projects, Tribeca intends to launch multiple luxury projects worth Rs 2,500 crore in markets such as Mumbai, Pune, and Delhi-NCR in 2023.
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Source-ET
