Realty firm M3M India has signed brand licence agreement with US-based The Trump Organization to develop 'Trump towers' in Gurgaon comprising 180 luxury homes with an average selling price of about Rs 10 crore.
Gurgaon-based developer will launch the Trump-branded twin-tower by November-end, the company's director Pankaj Bansal said today. Donald John Trump Jr is likely to visit India at that time.
In India, Trump Organization -- founded by US President Donald Trump -- has developed a luxury project in Pune partnering Panchshil Realty. It tied up with Lodha group in 2014 for housing project in Mumbai.
"We have signed a brand license agreement with Trump Organization for Trump branded twin towers in Gurgaon," Bansal told reporters here today.
The agreement was signed before Donald Trump became president of America, he added.
"The twin towers will come up at Gold Course Extension road and will be tallest in central Gurgaon," Bansal said.
The company will engage renowned architects and construction companies to develop this project.
"The two towers will have 180 ultra-luxury homes. The average price of an apartment will be about Rs 10 crore. The project will also have golf-course," Bansal said.
He said the company is likely to launch this project by November-end and will complete it in the next 5 years.
Bansal did not disclose the land size earmarked for this project and total investment for development of twin towers.
M3M India has 2,200 acres of land bank in and around Gurgaon. It had bought 185 acre land in Gurgaon for Rs 1,211 crore from Sahara group.
Lodha group is developing 75-storey, 800-feet Trump Towers, sprawling on a 17.5-acre plot, at Worli in Mumbai.
Last year, Trump Organization tied up real estate private equity firm IREO to develop an office tower in Gurgaon.
Trump Organization had earlier appointed Mumbai-based Tribeca Developers as exclusive India representative to identify projects in the country that can be developed under its brand.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)