A slowdown in property markets is not stopping developers of premium realty projects from launching new projects.
US-based real estate tycoon and celebrity Donald Trump’s Trump Organisation has tied up with Mumbai-based developer Lodha group for his second project in the country in the city.
“I am proud to announce our newest project, Trump Tower Mumbai. Together with the Lodha Group, it will be incredible!” Donald Trump tweeted about the project.
This is Trump’s second attempt, known for building high-rises in Manhattan, to enter Mumbai after its tie-up with Rohan Lifescapes failed earlier.
The Trump Tower Mumbai will be inside Lodha's newly announced 17.5-acre The Park project in Worli, Lodha group said on Tuesday. The 800-ft, 77-storey Tower will have three-, four- and five-bedroom luxury apartments. The construction is expected to be completed by 2018.
Bookings for the aprtments are expected to begin soon and prices are likely to be over Rs 8 crore for a three-bedroom apartment and Rs 10 crore for four-bedroom residences.
Jawala Real Estate, a Lodha Group entity, will use the Trump brand name under a sub-licence from DT Marks Worli LLC, part of Trump.
Trump is already doing a project with Panchsheel Realty in Pune, expected to be completed by 2015. Trump’s Pune project, a 22-storey residential twin-tower project will have 44 luxury single-floor condominiums.
The company owns and manages marquee hotels, resorts, casinos and building complexes in New York, including the Trump Casino, Trump International Hotel, Trump Marina Hotel and Casino, Trump Taj Mahal Casino Resort and Trump Tower.
Trump Tower in Mumbai will come with Germany’s Poggenpohl kitchens, five-fixture master bathrooms, indoor Jacuzzi tubs, built-in Tvs and a seven-level security setup, Lodha group said.
Realty consultants believe this is the second such marketing blitzkrieg by Lodha, after the developer roped in Aishwarya Rai Bachchan as brand ambassador for The Park project.
TRUMP’S PROJECTS IN INDIA
* A 22-storey residential twin-tower project in Pune with Panchsheel Realty. The project will have 44 single-floor condominiums
* Donald Trump is terminating a 65-storey project with Rohan Lifescapes at Chowpatty in Mumbai, announced in January 2011
* An 800-ft, 77-storey Trump Tower at Worli in Mumbai with Lodha group. The construction is expected to be completed by 2018