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Gurugram will soon become the second city, after New York, to house two residential projects of American conglomerate Trump Organization.
Kalpesh Mehta, founder of Tribeca Developers -- the licensed partner for Trump Organization in India-- said that the launch makes Gurugram the only city outside North America to have two Trump residential projects.
Estimated to be finished within five years of the announcement, the 1.2 million square feet (msf) development in Gurugram Sector 69 is targeting ₹3,500 crore in sales with a ₹1,200 crore investment.
The project will be undertaken in a joint partnership between Tribeca developers and Gurugram-based realty company Smartworld Developers, which is owned by the M3M group. The property will feature two 51-story towers with 298 residences.
Smartworld Developers co-founder Pankaj Bansal said that the Gurugram Trump Towers project is being launched at ₹27,000 per square feet, with ticket prices for residences ranging between ₹8 to 12 crore.
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“While Smartworld would be responsible for the development, construction and customer service of the project, Tribeca will lead the design, marketing and sales,” Bansal added.
The second Trump residential project will feature amenities such as an all-glass facade, double-height living rooms in select units, floor-to-ceiling windows, private elevators, and a shared rooftop offering views of the Aravallis.
Commenting on the pre-launch interest, Mehta added many of its existing customers have expressed an interest to invest.
“Most of the people who bought it the first time around bought it as their primary residence. But because they saw so much appreciation, a large number of them have expressed an interest in investing in this one,” he said.
Mehta added that they expect 20 to 25 per cent of the participation in the new project to come from Non Resident Indians (NRIs). “The existing Trump project in Gurugram has around 25 to 30 per cent NRI participation, which is very high for luxury projects of this ticket size,” Mehta said.
The Trump Organisation currently has six projects across four cities in India-- in Mumbai, Pune, Gurugram and Kolkata.
Of these, five are luxury residential projects in India, while one is a commercial office project in Pune.
While the Mumbai and Pune projects have been completed, Mehta said that they have received the occupancy certificates (OC) for the first Gurugram project with delivery expected to start very soon.
“The Kolkata project is expected to be completed in another couple of months,” he added. He said that around two to three more Trump projects could be launched in this financial year.
While he did not specify on the location, Mehta added the work on the deals has been going on for a year now.
In a media statement, Eric Trump, executive vice president of the Trump Organisation added that the conglomerate’s expansion in the city spoke volumes, not just about the strength of the Trump brand in India but the confidence the organisation has in Gurugram’s future.
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