With the luxury market witnessing traction during the pandemic, the Trump Organizations’ India partner Tribeca is bullish about the global brand in India and plans to launch projects in Mumbai, Noida, Bengaluru and Hyderabad this year under the banner. With the focus on work-from-home and second homes, it is also considering launching luxury villa projects in the first quarter of 2022 in Chandigarh, Sohna, and between Mumbai and Pune.
“We will continue to aggressively ramp up our Trump portfolio in India this year as the luxury market in India has made a respectable comeback during the pandemic. We are ready to do one more Trump project in Mumbai and one each in Noida, Bengaluru and Hyderabad,” Kalpesh Mehta, founder of Tribeca, told Moneycontrol.
Asked if the company plans to launch the Trump golf brand in India, he said that Tribeca is planning to launch the Trump villas in the first quarter of 2022.
“Whether we do golf villas or not is secondary but the big trend in India that I see going forward is that of weekend or second homes – large homes outside of cities. We are planning to launch Trump villas in the first quarter of 2022 outside of major cities. The market in India has not yet seen luxury villa developments on a large scale and I think there is a market for it,” he said.
It is important to note here that of its current development portfolio of 4.5 m sq. ft and a total sale value of over Rs 5,000 crore, Tribeca does not own the land on any of the projects.
“The secret to our business model is that our investments in any project are low. Similar to our other projects in India, we will not buy land for our new projects. These will be either be joint ventures or be under the joint development agreement or development management models,” he said.
The price of these apartments would be around Rs 3 to Rs 6 crore, he added.
For its new launches, the company is hoping to tie up with the same developers it is currently working on in India.
“Our focus this year is on launching more projects under the Trump brand and we would like to partner with some of our existing development partners for these new projects. Where a relationship is already established and is working well, it becomes easier for everyone to do additional projects,” Mehta pointed out.
Donald Trump became the first US president to be impeached twice as the House of Representatives on January 13, 2021, charged him with “inciting an insurrection” after his supporters stormed the Capitol a week earlier. His real estate empire felt the heat as well after the rioting that struck at the heart of the American democracy.
Trump’s ventures in India include four luxury residential projects and an office tower, all carrying his name under licensing deals. According to real estate experts, the sale of Trump properties in India could have generated around Rs 3,500 crore in a real estate market that is estimated to be worth around Rs 12.7 lakh crore.
Of the four Trump properties in India, two in Pune and Mumbai are complete. The ones in Kolkata and Delhi-NCR are under construction.
In 2013, the Trump Organization tied up with Mumbai-based Lodha Group to develop the Trump Tower in Mumbai. A year later, Donald Trump visited Pune to inaugurate the first of the Trump Towers in India.
The Trump Organization was under a self-imposed restriction where it put a pause on signing new deals in international markets during Trump’s presidential term to prevent a conflict of interest.
In Pune, the global brand licensed the Trump name to Panchshil Realty. The project in Kalyani Nagar comprises two glass facade towers of 23 stories each, with 46 single-floor 5 BHK residences.
For the Kolkata project, Tribeca has partnered with Unimark Group to build a 400,000 sq ft residential project, with the signature Trump Tower on the city’s EM Bypass stretch.
The Delhi-NCR market was the last Indian market Trump launched a project in, in February 2018, although the deal was signed before 2016. The Trump brand made inroads in the north Indian real estate market through a project being developed by Tribeca and M3M India.
Tribeca and M3M are building 250 ultra-luxury residences in Gurugram under a brand licence from The Trump Organization. The project is also expected to have a 35,000 sq ft area for amenities. These apartments are priced between Rs 5 crore and Rs 10 crore.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
