New Trump-branded luxury residential project launched in India
The real estate firm is seeking to tap into robust demand for luxury houses in the world’s most populous nation
[NEW DELHI] US President Donald Trump’s real estate firm is looking to build one more residential project in India, less than a month after announcing plans for its first commercial tower in the South Asian nation.
The firm is seeking to tap into robust demand for luxury houses in the world’s most populous nation at a time when the US and India are in talks for a bilateral trade deal. Earlier this month, India too had been slapped with reciprocal tariffs, but at half the rate as compared to those levied on some other neighbouring nations that trade with the US.
Trump handed management of his company to his sons and put his assets in a trust – measures that critics say were not enough to fully divorce him from the business empire. Ethicists have closely scrutinised how foreign funds flow to the Trump Organization through its luxury properties and licensing deals, raising questions of whether those relationships could influence policy decisions.
Tribeca Developers, the local licenced partner of Trump Organization, along with Smartworld Developers are set to build the twin-tower project in Gurgaon in the National Capital Region, as sale of luxury homes appear to be defying a slowdown in the housing sector.
The project, Trump Residences Gurgaon, will have two 51-storey towers with 298 residences and is eyeing 35 billion rupees (S$537 million) in sales revenue. It’s the second Trump-branded residential project in Gurgaon, and the fifth in India, the biggest market for the US President’s firm outside of his home country.
“The fact that we’re expanding in this remarkable city speaks volumes about the exceptional partnership we’ve built and the tremendous confidence The Trump Organization has in Gurgaon’s future,” Eric Trump, executive vice-president of Trump Organization, said in a press release.
Luxury house sales in India’s top seven cities surged 28 per cent in first quarter this year compared to the same period last year, with more than 1,900 units sold, according to a report by a real estate consultant CBRE. BLOOMBERG
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