Tribeca Developers planning up to 5 Trump Tower projects in India

Tribeca is developing Trump Towers in Gurugram and Kolkata.

Tribeca Developers is working on “four to five" Trump Tower projects in India and hopes to seal the agreements by September, founder of the luxury real estate firm Kalpesh Mehta has told Moneycontrol.

Tribeca Developers, the exclusive licensor of Trump Towers in India, is now also a developer of properties to which former US president Donald Trump, also the Republican presidential candidate for the November election, lends his name.

"We have a September deadline for the elections after which they will stop signing new deals. The plan is to get four-five (deals) done before that. The likely cities are Pune, Gurugram, Hyderabad, and Mumbai for the new Trump Towers," Mehta told Moneycontrol on August 21.

Trump is the owner of The Trump Organisation which licences the Trump brand.

Tribeca is developing Trump Tower-branded luxury residential projects in Gurugram and Kolkata.

Earlier, the company licensed the Trump brand in India to Panchshil Realty and Macrotech Developers, which sells under the Lodha brand name, which developed Trump Towers in Pune and Mumbai, respectively.

Mehta added that despite many controversies and legal issues surrounding Donald Trump, the brand remains strong in India and commands a premium in real estate.

Mehta spoke to Moneycontrol as Tribeca sold out the first tower of its The Edge luxury housing development in Parel, which it is developing with the Tejukaya group, which owns the land parcel. The project is Tribeca's first in Mumbai.

The Edge, which is being developed under Maharashtra's cluster redevelopment policy, was a chawl-style tenement.

The tenants of these chawls would be provided rehabilitation units at the site, with The Edge development being sold as the free-sale component.

One tower, which has 3, 4, and 5-bedroom homes priced between Rs 4 crore and Rs 12 crore, has been launched.

Homes worth more than Rs 1,000 crore have been sold out in the first tower, with the second tower scheduled for a January 2025 launch, Mehta said.

Pranav Tejookaya, managing director and chief executive officer of the Tejukaya group, said his company was looking to partner Tribeca for its planned Mumbai Trump Tower on a land parcel it owns in Matunga.

Mehta said the company had achieved bookings worth Rs 1,300 crore in the ongoing financial year and expects to end FY25 at around Rs 2,000 crore.

Tribeca has a business development guidance of around Rs 6,000 crore to Rs 7,000 crore for the financial year, with Trump Tower projects and Tribeca projects having a 50 percent share each.

Mehta said the company was looking to tap the capital markets, as debt was riskier than equity investment and was aiming to list Tribeca in around four years.