Pres­i­den­tial Push? Prices of Trump’s In­dia Projects In­crease by 15%

The Economic Times - - Companies: Pursuit Of Profit - Kailash.Babar@ times­group.com

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.

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