Win set to boost Turmp’s investments in India
With Donald Trump winning the US presidential election, Trump Organisation’s India investments are likely to become more valuable. Trump Organisation has interests in real estate development, property management and brokerage, among others. It is currently linked with five projects in India.
Trump first entered the Indian market in 2011 with an agreement with Rohan Lifescapes for high-end luxury project in south Mumbai. But the deal fell through.
Later, the company partnered the Lodha Group and Panchshil Realty to build Trump Towers, high-end luxury residential projects, in Mumbai and Pune. The price premiums of these towers are already 35% and 60% compared to adjacent properties. A single apartment in these towers cost up to ₹25 crore.
While the Pune project with Panchshil Realty has been completed, the Mumbai project will be ready by 2018-19.
“India probably has the highest number of Trump’s real estate projects outside North America. Trump has five ongoing deals in India with a gross development value of about $1.5 billion. One project is finished and sales for two have begun,” said Kalpesh Mehta, founder and managing partner of Tribeca, a Mumbai-based developer and the exclusive India representative for Trump Organisation. “Three more projects are likely to be launched in 2017. Demand for the Trump brand in India remains strong.”
“It is a bit early to make any prediction on the full impact of Trump’s victory in the US presidential election on Indian real estate. The country’s real estate sector does depend a lot on the commercial demand generated by this sector. Likewise, the entire IT/ITeS sector has had a direct correlation to residential demand,” said Anuj Puri, country head at JLL India.