Presidential Push? Prices of Trump’s India Projects Increase by 15%
Mumbai: The ascension of Donald Trump to US presidency has clearly rubbed off on his family’s real estate projects in India, with property prices at Trump Towers in Mumbai and Pune rising around 15%.
“There’s been a lot of inflow of inquiries from non-resident Indians (NRIs) from international markets as well as Indian clients for apartments here, especially after Trump’s victory in US presidential elections,” said Vicky Rajkumar Nagrani, director of Rock Realty that sold apartments at the country’s first completed Trump Towers in Pune. “Prices have appreciated 1518% over the last six months alone, based on offers being made by these clients. However, there are only few apartments left to be sold,” Nagrani said. Prices at a bigger Trump Tower being built in Mumbai by Lodha Group, too, have increased 1015% since Trump was announced as the Republican Party’s presidential candidate in July last year, dealers said. The Trump Organization currently has three super-premium residential projects under construction in Mumbai, Kolkata and Gurgaon, besides a commercial tower in Gurgaon, making India the second-largest market after the US for Trump’s real estate business. The Trump Organization has no equity stake in any of these projects. The brand has been licensed to Indian developers in return for a royalty.
Panchshil Realty developed Trump Tower in Pune’s tony Kalyani Nagar, which was delivered last year. There are 46 super luxury apartments in this project, each occupying an entire floor and spread over 6,100 sq ft.
According to Nagrani, prices in the tower are hovering around ₹ 22,000-23,000 per sq ft now, up from ₹ 18,000-20,000 in May-June. The buyers include industrialists, top executives, diamond merchants and Bollywood personalities besides NRIs.