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Rediff.com  » Business » Trump group has big plans for India's realty sector

Trump group has big plans for India's realty sector

November 11, 2016 13:39 IST

The group has tied up with property developer Ireo for an office complex and M3M Group for a residential project in Gurgaon. It is also seeking to venture into Kolkata.

The real estate group founded by US President-Elect Donald Trump is looking to launch more projects in India after the success of its previous projects in Mumbai.

“Three more projects are likely to be launched in 2017. The already launched projects in Mumbai and Pune have performed well in terms of price premium and sales,” said Manish Jaiswal, partner at Tribeca Developers, a Trump representative in the country.

The group has tied up with property developer Ireo for an office complex and M3M Group for a residential project in Gurgaon. It is seeking to venture in Kolkata.

“We have got calls from brokers, potential buyers and channel partners enquiring about upcoming projects,” he said.

The Trump group has five ongoing projects in the country with a development value of $1.5 billion. The Trump Tower project with Mumbai-based Lodha group is under construction.

“If they look for new projects in Mumbai, London, Pune and Hyderabad, we could partner with them,” said Abhishek Lodha, managing director, Lodha group.

About 60 per cent of the 75-storey tower has been sold. It is slated to be completed by 2018-end. The project has an estimated revenue of Rs 3,500 crore (Rs 35 billion).

“We have got a premium of 30 per cent for the project, compared to market prices,” Lodha said.

Pune-based Panchshil Realty, which has tied up with the Trump group for Trump Towers in the city, is also looking to work on new projects with the latter, said Director Sagar Chordia.

“We have identified a piece of land and spoken to them,” Chordia said.

He said the company has received 35-per cent premium for Trump Towers, Pune, and sold all 46 apartments for about Rs 14 crore (Rs 140 million) each.

Photograph: Rajesh Karkera/Rediff.com

Raghavendra Kamath in Mumbai
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