United States president Donald Trump’s NY based business venture sold 20 luxury apartments in Gurgaon on Wednesday. It was launched into the Indian real estate market five years ago with a target of the sale of 250 apartments at Rs. 2,500 crores. The fourth and last residential project was launched here in Gurgaon and 20 units were sold on the very first day under the Trump Towers project.
The Trump Organisation’s official representative in India, Tribeca Developers in a collaboration with M3M India Pvt Ltd was developing the project under a joint venture in the real estate arena. The founder of Tribeca Developers, Kalpesh Mehta when asked about the cost of the project, said that the total developmental cost was around Rs 1,000 crores. The project comprises of more than 250 luxury apartments in Gurugram.
M3M India Pvt Ltd director Pankaj Bansal said that they have made a sale of Rs. 150 crores on the first day of the launch of the project. The Trump organization is headed by Donald Trump Jr, son of the US President. The joint venture has a plan to develop 250 super luxury homes in the coming years.
According to a report, the residences will be priced at Rs. 5 crores to Rs. 10 crores. It is estimated that the project will be completed in next 5 years and the towers will have around 500 floors and they will be facing a golfing course.
Pankaj Bansal said that they have a land bank of 2,200 acres in and around Gurugram, M3M India Pvt Ltd has already completed 8 projects and right now they are working on the development of twelve projects. Donald Trump Jr. has not made any equity investment and the Organisation works via brand licensing agreement with the local developers.
Kaplesh Mehta said in an interview that this is going to be the last residential project in the country and they are now focusing on finalizing deliveries of their other projects. The Trump Organisation is also coming up with a commercial project in India soon. The organization had signed its first commercial deal in India with a real estate firm from Gurgaon, Ireo. After Donald Trump triumphed in the elections at the end of 2016, no new projects have been signed.
In a report published by Reuters in January 2017, Sheri Dillon, the advisor for Trump Organisation announced that no new projects will be signed during his presidency. They will not sign any overseas project during the time Mr. Trump serves as President of US. In the report, it was also mentioned that Donald Trump will resign from all positions. Earlier he was overseeing his projects like hotels and other businesses. He was to move to all his assets into a trust, the report said.
As Indian real estate market is growing mainly in areas like Delhi, Mumbai, and Bengaluru, it is attracting foreign coming to invest for a long-term here. Demand for ultra-high luxury has been on a rise in the recent three-four years.