In an interview with CNBC-TV18’s Yash Jain, Donald Trump Junior, Executive Vice President, The Trump Organization, said India is the largest market outside of the US in terms of luxury real estate. The firm has completed four projects in the country so far and is looking forward to expanding. It has an exclusive licensing agreement in India through an association with the Delhi-based Tribeca Developers promoted by Kalpesh Mehta for the past 10 years.
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“For the Trump portfolio, we're looking at your standard seven metros where we do residential Trump offices and Trump fillers and the non-Trump portfolio — which is the Tribeca portfolio — would be focused on Mumbai, Pune and Delhi NCR,” Kalpesh Mehta, Founder, Tribeca Developers added when asked about the expansion.
The Trump Organization said in another interview that it will launch 3-5 high-end residential properties which are set to be signed up in Bengaluru, Hyderabad, Chandigarh and Ludhiana in 2023. Tribeca will invest around Rs 2,500 crore in these Trump-branded properties.
The already existing Trump-branded properties in the country are developed in association with Panchasheel builders in Pune (0.27 million sq ft) which is entirely sold; with the Marcotech Developers in Mumbai which 90 percent (0.56 million sq ft) sold; with M3M group in Gurugram (1.36 million sq ft ) that's almost ready and an under-construction project in Kolkata in association with Unimark group which has a saleable area of 0.42 million sq ft.
While Trump Jr. said the firm along with Tribeca has tied up with local developers like the Lodha group, he also said it is not necessarily exclusive “if someone has something else that's in the works and fits what (the organisation) would do”.
The company halted projects when Donald Trump took over as the president of the United States and then during the COVID-19 pandemic. As Trump Sr. has entered the race again, the business could take a back seat, Trump Jr. said.
"We can get things done a lot faster because we've done this now so many times. It accelerates that process that allows us to get things done much quicker. So, it's less of a concern for now and we'll take a back seat in case Donald Trump is to become the next president. We'll worry about that in two years but I think we have a lot we can do in the two years prior," he added.
Trump Jr also added that in 10 years he is “going to try and make India the largest market for Trump-branded properties.”
(With PTI inputs)
