US president-elect Donald Trump drops plan of investing in Pune's realty
US president-elect Donald Trump's real estate development and property management firm Trump Organisation is reported to have dropped its plans of investing in realty project in Pune city of western part of India, The Times of India reported on Friday.
The real estate firm is reported to have dropped its association with realty projects in several countries such as India, Argentina, among others that attracted intense scrutiny after Donald Trump was elected as president on November 8.
The Trump Organisation will discontinue "exploratory" talks over projects in Pune and in Buenos Aires, Argentina, the President-elect's attorney Alan Garten was quoted telling US media outlets on Thursday, cited the news report.
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The report further added that earlier, the Trump Organisation had called off licensing deals for hotels in Brazil, Azerbaijan and Georgia.
According to a real estate developer Panchshil Realty, the plan for a second project with Trump Organisation in Pune was dropped off long back.
"We dropped the project long back. The environment in Pune is not conducive for sale of luxury projects. Nobody buys a Rs 20 crore flat here," the news report said quoting Panchshil Realty chairman Atul Chordia, as saying.
He further said the group has begun focusing more on commercial real estate.
As per the news report, in August 2014, impressed by the sample flat on the first floor of the 23-floor of Trump Towers built by Panchshil Realty in Kalyaninagar in Pune, Donald Trump had said his organisation could be open to future investments in the city.
"I don't know what happens now with so many questions raised. Yes, he was interested at that point. Now, we don't know what will happen," the report said quoting Atul's brother and director of the group Sagar Chordia, as saying.
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