Trump Towers enters North India with Gurugram project
This the fourth super-luxury residential development in India made by the organisation after Mumbai, Pune and Kolkata.
Five years after the entry into the real estate market of India, Trump organisation launched a 1.25 million sq ft project in Gurugram.
This the fourth super-luxury residential development in India made by the organisation after Mumbai, Pune and Kolkata, thereby making India the largest property market with the most number of Trump branded properties outside of North America.
This project marks the entry of Trump Tower brand in Delhi-NCR region. The project would be developed by Trump's exclusive India partner Tribeca Developers and Delhi-based realtor M3M India.
According to media reports, the development with Rs 2,500-crore revenue potential with two towers will be completed over the next five years.
"We hope to generate roughly well over a billion dollars in terms of sales potential of all the Trump properties in India," Kalpesh Mehta, partner of Tribeca, India representative of Trump Organisation told Moneycontrol.
"Beginning with Pune and Mumbai, and now looking towards our newest launches, we are thrilled with the foundation we have built and look forward to once again raising the standard of luxury living in India and beyond," Donald Trump Jr. told ET in an email response.
"We are incredibly proud of the success we have enjoyed in India over the years. Having personally worked on each of our five projects from inception, it is tremendously validating to see the overwhelming positive response that the brand continues to command," he added.
The Delhi-NCR Trump Towers will be characterised by twin towers rising over 600 feet that will be amongst the tallest towers in the region. The project will have a total of 250 apartments with configurations of 3, 4 and 5 bedrooms priced between Rs 5 crore and Rs 10 crore, making them one of the most attractively priced Trump residences. The apartments sizes available are- 3500 sq ft apartments, 4500 sq ft apartments and 6000 sq ft apartments.
The project witnessed bookings for apartments worth Rs 150 crore, or around 8% of the project size on the first day of launch.
"We have had a fantastic relationship with Kalpesh Mehta from Tribeca over the past seven years, resulting in India becoming our largest residential market outside of North America," Trump Jr. told ET.
According to ET report, the first 100 buyers of this project will fly to the US where Donald Trump Jr. will host them.
"This is one of those rare instances when an incredible site and the absolutely best brand come together to provide an opportunity to create something truly magnificent. After almost 24 months on the drawing board and countless iterations, I am incredibly proud of what we have created. Trump Towers
Delhi-NCR will supersede all expectations," Kalpesh Mehta, founder of Tribeca told ET.
The project has already received all the requisite approvals and is registered under RERA. The company is targeting high net worth individuals and NRIs to sell this project that will also have a nine-hole golf course. Currently, Tribeca is developing over three 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, reported ET.