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United States President Donald Trump's son Donald Trump Jr is coming to India on a week-long sales trip -- with business and foreign policy on mind -- and will have a closed-door meeting with Indian investors and industrialists in the national capital, as well as in Mumbai.
Executive-director of The Trump Organization on Tuesday said the "spirit" of doing business in India is much more aligned with the US way of doing business, PTI reported.
India is Trump Organization's biggest international market, with four real estate projects already underway in Mumbai, Pune, Kolkata, and Gurgaon. Since its entry into the Indian real estate market, four Trump Towers, with a total revenue potential of $1.5 billion, have been launched across Pune, Mumbai, Gurgaon and Kolkata. The fifth one, which is expected to be a commercial office project, is likely to be launched soon.
The relationship between India and Trump's realty business dates back to January 2010, when real-estate tycoon Trump entered the Indian property market with luxury residential tower in Mumbai and parterned with Rohan Lifescapes Pvt for their first ever venture in the south Asian country.
Here's a sneakpeak into Trump Towers in India:
Pune: With the Panchshil partnership, Trump re-entered India in 2012 after its tie-up with Rohan Lifescapes failed. Pune could well be the only city in India to boast of two Trump Towers. In 2014, the tycoon announced that he is in talks with the Panchshil Realty for a tie-up in their second upcoming project in Pune. Trump also said that he may look at an equity infusion in this project.
Pune-based Panchshil Realty, developer of luxury properties, is developing a 1.4 million square feet of property in Pune wherein they are looking to tie-up with the Trumps and hence bring the second Trump Tower into the city.
"We would like to invest in India but India has some pretty strong laws. We do expect to invest in these buildings. But more importantly we need good local partnerships,” said Trump.
Mumbai: In 2013, the Mumbai-based developer, Lodha tied up with Trump Organisation to use the latter's brand name and standard specifications in the project for an undisclosed fee.
Trump's second project in India was able to evoke enough interest for Lodha to have sold off a third of its of 300 apartments, each priced around Rs 95 million even before the project was launched. The building is going to be a 75-plus-storeyed tower, as reported by Business Standard.
The tower, with its crystal-inspired architecture will have three-, four- and six-bedroom residences which are designed by HBA Singapore. These would have German Poggenpohl kitchens, five-fixture bathrooms, indoor hot-water tubs, built-in TVs and seven-level security.
Gurgaon: In 2016, the organisation announced a tie-up with India's real estate private equity firm IREO to develop an office tower in Gurgaon that would cost around Rs 10 billion.
Earlier in January 2018, the Trump Towers made its debut in North India through real estate firms M3M India and Tribeca Developers, which launched the luxury residential projects under the marquee in Gurgaon entailing investments of Rs 12 billion.
M3M and Tribeca will develop 250 ultra-luxury residences under a brand licence from The Trump Organisation.
Initially, the apartments, which will have three and four bedroom options, will be sold in a price range of Rs 50 million to Rs 100 million. Size of the flats is from 3,500 sq ft to 6000 sq ft.
"With its stunning architecture, beautiful interior options and lavish amenity spaces, our goal was to bring the best of the Trump brand and luxury living to Gurugram," Trump Jr said in a statement.
Kolkata: The third Trump Tower project, comprising 140 ultra-luxury apartments, was launched in Kolkata where the Indian developers are expecting to garner around Rs 7 billon in sales from this project.
Realty firms Unimark Group, RDB Group and Tribeca Developers sold about 50 per cent units since the project was soft-launched in mid-October in 2017. The starting price is Rs 37.5 million for a 2,500 sq ft size flat.
"We will be developing about 130-140 units in this Trump tower. The construction work has already started and the project will be delivered in mid-2020," Tribeca Developers Managing Partner Kalpesh Mehta told PTI.
As many units in the Trump Towers are selling about 30 per cent per square foot higher than the current market rates, Trump Jr.'s visit to India is expected to reinforce the trend as he would be visiting the four cities, and look at projects his organisation and various Indian real estate firms are jointly developing.