Donald Trump to take stake in Bangalore project
US real estate tycoon Donald Trump, who already has a presence in India through two properties, may soon enter the Indian real estate market in a big way with an investment in Bangalore.business Updated: Aug 08, 2012 23:30 IST
US real estate tycoon Donald Trump, who already has a presence in India through two properties, may soon enter the Indian real estate market in a big way with an investment in Bangalore.
Currently two real estate developers-in Mumbai and Pune-have announced their plans to build Trump Towers but these only involve revenue-sharing.
"We will be using the Trump brand name but the entire investment will be ours, and we will share a certain percentage of revenue with Donald Trump. But, we are exploring a project in Bangalore and if everything goes according to the plan, we could see investment from the American company and they could hold some equity (in the project)," said Sagar Choradia, director, Panchsheel Realty, the Pune-based company building Trump Towers.
"Luxury is fast catching up in India with rise in high networth individuals in the country. We are constantly looking for developers with the passion to redefine luxury and develop iconic buildings," said Donald Trump Jr.
In Pune, Panchsheel is investing around Rs. 275 crore for the Trump Tower and expects the total revenue to be close to Ra. 500 crore.
The company is making 44 apartments that would be sold for Rs. 20,000 per sq ft.
Revenues for the project are expected to start flowing from this year.
At present, the Trump Tower in Pune is not owned, developed or sold by Donald Trump but only the brand name is used by Panchsheel.
A special purpose vehicle-Zero G Apartments-has been formed for it.
Now, however, Panchsheel is planning to take the partnership to Bangalore with possible stake by the real estate giant.
"If the project is approved by the American real estate group, then we can see a partnership with equity stake," said Choradia.
First Published: Aug 08, 2012 23:28 IST