NEW DELHI: After making India its largest market with most number of Trump branded properties outside of North America, Trump Organization is in process to launch its maiden commercial real estateproject in the country later this year.
“We will be launching a commercial project in India this year,” said Donald Trump Jr., Executive Vice Chairman of The Trump Organization.
The American real estate firm is also keen on forming alliances for hospitality projects in India but will take a decision on this at an “appropriate time”, he added.
In 2016, Trump Organization had entered into its first commercial office deal in India with private equity fund and developer IREO. The high-end 600,000-700,000 sq ft commercial project to come up on Gurgaon's Golf Course Extension Road will be built by IREO alongside a retail complex, the company had stated while announcing with tie-up then.
On January 10, in its largest super-luxury residential development in India, Trump Organization had launched a 1.25 million sq ft project in Gurgaon. This project marked the entry of the Trump Tower brand into the Delhi-NCR region, and this was the fourth Trump Tower to be launched in India.
The project, Trump Towers Delhi-NCR, to be developed by Trump’s exclusive India partner Tribeca Developers and Delhi-based realtor M3M India.
“We have achieved sales worth Rs 700 crore since the launch of Trump Towers Delhi-NCR project, which is on track to become our fastest selling project in India so far. In Kolkata too, we have attained sales worth Rs 1,100 crore in the last four months,” said Kalpesh Mehta, Founder of Tribeca.
The development with over Rs 2,400-crore revenue potential with two towers will have over 250 units with average price of Rs 7.5 crore. The construction of the project is expected to start in February and it entails a total expenditure of Rs 1,200 crore, excluding land cost.
According to Trump, the regulatory changes that India is undergoing is making the real estate market healthy and therefore attractive for foreign investors and business entities.
“There have been changes that we have seen (here) over the last few years in particular. This will open up the country to outside markets,” Trump said.
Indian government has been implementing several reforms, especially related to real estate sector that has been long known opaque business environment, for over the last two years.
A raft of reforms including the government’s decision in late 2016 to demonetize high-value currency notes, implementation of Real Estate (Regulation & Development) Act, 2016, the Goods & Services Act, amendment to Benami Transaction Act and now consideration of seeding Aadhar with property transactions is helping in formalizing the sector.
Tribeca, Trump Organization’s exclusive India partner, is developing over 3 million sq ft of branded residential projects in India with a sale value of Rs 4,000 crore, and has an additional development pipeline of over 1.5 million sq ft.
Courtesy: realty.economictimes.indiatimes.com
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