The ascension of Donald Trump to US presidency has clearly rubbed off on his family's property projects in India, with property prices at Trump Towers in Mumbai and Pune rising around 15%.
“There's been plenty of inflow of inquiries from non-resident Indians (NRIs) from international markets in addition to Indian clients for apartments here, especially after Trump's victory in US presidential elections that sold apartments at the country's first completed Trump Towers in Pune. “Prices have appreciated 15-18% over the last half a year alone, predicated on offers being created by these clients. However, you will find only few apartments left to be sold.
Prices at a more impressive Trump Tower being built-in Mumbai by Lodha Group, too, have increased 10-15% since Trump was announced while the Republican Party's presidential candidate in July last year, dealers said.
The Trump Organization currently has three super-premium residential projects in Mumbai under construction in Mumbai, Kolkata and Gurgaon, besides a professional tower in Gurgaon, making India the second-largest market after the US for Trump's property business.
The Trump Organization has no equity stake in some of these projects. The brand has been licensed to Indian developers inturn for a royalty.
Panchshil Realty developed Trump Tower in Pune's tony Kalyani Nagar, that was delivered last year. You will find 46 super luxury apartments in Mumbai this project, each occupying a complete floor and spread over 6,100 sq ft.
According to Nagrani, prices in the tower are hovering around Rs 22,000-23,000 per sq ft now, up from Rs 18,000-20,000 in May-June.The buyers include industrialists, top executives, diamond merchants and Bollywood personalities besides NRIs.
The 400-apartment Trump Tower in Mumbai, being built by Lodha Group as part of its The Park project in Lower Parel, too, gets plenty of enquiries despite it being truly a by-invitation project.
“Enquiry levels have risen since last couple of weeks post US presidential elections. Prices have risen around 10-15%.ET's email queries to Lodha Group and Panchshil Realty remained unanswered before the time of planning.
Lodha had entered in to a partnership with Trump Organization in 2013 to create Mumbai's first and only Trump Tower under a royalty agreement. The construction began in 2014 and the project is anticipated to be completed by 2018.
The 75-floor, 800-feet Trump Tower in Mumbai is spread over a 17.5-acre plot. The residents of the project will soon be offered a private jet facility, Trump's famed white glove service, special services and benefits at Trump Hotel Collection amongst other facilities, channel partners said. The residences are priced between Rs 9 crore to Rs 25 crore. As the project offers customised penthouses, three and four bedroom apartments are spread over 2,100 sq ft and 2,450 sq ft, respectively.
According to channel partners, Trump projects have been receiving 30% premium over other projects in the vicinity.
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