American real estate giant and television star Donald Trump is all set to enter the Indian property market with his signature project, Trump Towers, to be constructed on the plush Hughes Road in Mumbai.
Trump has tied up with Indian real estate firm Rohan Lifescapes to build the 65-storey tower, which would be formally launched when Trump visits India in the coming months.
Talking to the Hindustan Times, Harresh Mehta, chairman, Rohan Lifescapes, called it an iconic project.
"The bookings would start in February and we expect good response," said Mehta, adding that there would be 45 spacious apartments in the building.
The 3,00,000-square-foot project would have a luxury spa, gymnasium and also a mini-theatre along with a hi-tech security system.
At present, projects in the area command a rate between Rs50,000 and Rs75,000 per square foot, but analysts predict that Trump Towers would be sold at a premium so the rate would be much higher.
Ramesh Nair, managing director (West India), Jones Lang LaSalle India (JLLI), a leading real estate consultancy firm, said it would become a landmark in the city.
"It is a completely different luxury product and this would create a new pricing band in this particular location," said Nair.