Trump Tower launched in Kolkata; developers aim Rs 700 cr sales

Workers fasten steel rods together atop a residential building under construction in Mumbai, India, January 31, 2017. REUTERS/Shailesh Andrade - RTX2YYZ7

The iconic Trump Tower comprising 140 ultra-luxury apartments has been been launched in Kolkata and its Indian developers are expecting to garner around Rs 700 crore in sales from this project.

Realty firms Unimark Group, RDB Group and Tribeca Developers have already sold about 50 per cent units since the project was soft-launched in mid-October. The starting price is Rs 3.75 crore for a 2,500 sq ft size flat.

This is the third Trump Tower to be launched in India. The Trump Organization -- founded by US President Donald Trump -- already has Trump-branded project in Pune partnering Panchshil Realty. It tied up with Lodha group in 2014 for housing project in Mumbai.

"We will be developing about 130-140 units in this Trump tower. The construction work has already started and the project will be delivered in mid-2020," Tribeca Developers Managing Partner Kalpesh Mehta told PTI.

Asked about the project cost, he declined to disclose the number but said the construction cost would be around Rs 7,000 per sq ft in this project.

On sales, Mehta said the response has been very good and the company has sold 50 per cent of the unit within one month.

Mehta said the company would soon increase the price by 15 per cent.

On sales realisation, he said: "We expect to generate about Rs 700 crore from this project."

"There was a big gap in the super-luxury residential segment of Kolkata, with no branded luxury developments. Despite a price increase, we anticipate a complete sell-off of the development in the next 6-12 months," Mehta said.

Harsh Patodia, CMD of Unimark Group, said, "We always believed that the product and the Trump brand would do well in Kolkata, but this has surpassed even our best estimates."

Vinod Dugar of RDB Group said: "The global appeal of the Trump brand along with the absolute best product offering performed extremely well for us."

Tribeca, Unimark and RDB partnered last year to build this Trump tower, which is located on EM Bypass, the city's main arterial road and has some of the finest luxury hotels of Kolkata in its neighbourhood.

Tribeca is a boutique branded real estate developer. It has worked with the Trump Brand for the last seven years.

Unimark is one of the leading real estate developers in Kolkata, while RDB Group has interests in many businesses including real estate and infrastructure.