After luxury residential projects in Pune, Mumbai, Delhi-NCR and Kolkata, the Trump Organisation and their Indian partner, Tribeca Developers is exploring an entry into the luxury office brand Trump Offices and Trump Villas space in India. They are also planning to take the luxury homes brand to Hyderabad and Bengaluru.
Donald Trump Jr, son of former US President Donald Trump and executive vice president, The Trump Organisation, said they were returning to the Indian markets after six years because of the four-year presidency of Trump senior and the two years lost because of Covid-19. They were now looking to grow their presence in the market along with their partner. Their products commanded a 20-50% premium in the real estate market, Trump said.
Tribeca has the rights to the Trump brand in the Indian market. Tribeca is the largest developer of Trump properties outside North America. The Trump-Tribeca partnership has resulted in India becoming the largest market for Trump-branded properties outside of the US, Trump said. Donald Trump Jr was in India at Pune to mark the 10 years of business alliance with Tribeca Developers.
Tribeca, an asset light real estate company, was India’s largest branded luxury developer with two portfolios – the Trump-branded portfolio and the Tribeca branded portfolio. Kalpesh Mehta, founder of Tribeca Developers, said Tribeca was developing six million square feet of branded residential projects in India with a sale value of `6,000 crore. They had a development pipeline of over 4 million square feet. Mehta said Tribeca plans to add three to four new projects under the Trump portfolio across India while the Tribeca branded projects would be restricted to Mumbai, Pune and Delhi NCR.
Mehta said the luxury residential space had been growing in the last two to three years and they would be doubling sales in the next 12 months. Tribeca plans to add Rs 5,000 crore worth of new projects in 2023.
While Donald Trump was going to for president again in 2024, his son said they would have time till then to focus on expanding the business in India. If the senior Trump’s bid was successful business would again take a back-seat, he indicated.
Source : FE