Trump Organisation to foray into Indian commercial real estate sector

"Estimated to be finished by 2029, the 1.6 million square feet centre is expected to generate sales exceeding Rs 2,500 crore," Kalpesh Mehta, founder of Tribeca developers told Business Standard

Tribeca developers, the licensed partner for Trump Organization in India, on Wednesday announced the launch of Trump World Centre in Pune, marking the US-based conglomerate’s foray into commercial real estate in India.

 

“Estimated to be finished by 2029, the 1.6 million square feet centre is expected to generate sales exceeding ₹2,500 crore,” Kalpesh Mehta, founder of Tribeca developers told Business Standard.

 

The project will be undertaken in a joint partnership between Tribeca developers and Pune-based realty company Kundan Spaces. The property will feature two glass towers with over 27 floors of office space.

 

“One tower will offer for-sale strata offices, while the other will provide larger leasable offices, catering to a range of business needs,” the companies said in a joint statement.

 

“The ballpark investment figure including land, construction is expected to be close to ₹1,600 to 1,700 crores,” he added.

 

Commenting on the pre-launch interest in the Pune project, Mehta said that there is extremely strong interest from all sorts of tenants from retail, large format, global capability centre (GCC) companies to mid-size office takers.

 

Highlighting that there is a shortage of global-level office spaces for mid-sized business in India with most spaces tailored towards full floor plates and large leasing, Mehta said that a lot of businesses would want an address that helps their brand and want to work in the best office buildings.

 

Ashish Jain, managing director, Kundan Spaces added that the partnership with the Trump Organization and Tribeca enables them to create a space where businesses will thrive in an environment of immersive luxury and global standards.

 

The Trump Organisation currently has four luxury residential projects in India, in Mumbai, Pune, Gurugram and Kolkata.  

 

While the Mumbai and Pune projects have been delivered, Mehta added that the company has applied for an Occupancy Certificate (OC) for its Gurugram project, with the delivery starting in a few weeks. Similarly, the Kolkata project is expected to be completed by Diwali.

 

An OC is a legal document issued by a local authority that certifies a building’s compliance with approved plans and regulations, making it safe and suitable for occupancy.

 

Mehta told Business Standard that the company would be launching three more residential projects in the next four to six weeks.

 

While Mehta did not disclose the locations for the new projects, he said that the total sale value of the Pune office project, along with the three more that will be announced, would be about ₹10,000 crores.

 

Speaking on the future of the Tribeca and Trump partnership, Mehta added their US counterparts have been extremely bullish on India for a long time with India being the largest market for Trump outside of the USA.

 

“We were out of the market for the last six, seven years, as the Trump Organisation had decided to stop new business in 2016, but we sort of got back in a couple of years ago as luxury markets in India started booming,” he said.  

Tribeca’s plans 

> Trump Organization’s India partner launches Pune office project, aims 2029 completion 

> Tribeca will launch 3 more projects in the next 4 to 6 weeks