Real estate consultancy Knight Frank has predicted a strong appetite for luxury property in India. (Representative)
Tribeca Developers, the exclusive licensee in India of luxury properties from the Trump Organization brand, plans to launch towers named after the former US president in four cities by the second quarter of fiscal year 2025-26 (FY26), the ‘‘Finance Express’ (FE) reported Thursday.
The company has chosen Mumbai, Pune, Gurugram and Hyderabad as new locations to expand Trump Towers in India. It is in “advanced discussions” for opportunities in Bengaluru, Chandigarh, Ahmedabad and other cities, the paper said.
In an interview with FE, Kalpesh Mehta, founder of Tribeca Developers, highlighted the time-limited nature of the deals due to the impending presidential elections in the United States, for which Donald Trump is in the race.
Negotiations on deal urgently await US election
He said they have until September because if Trump defeats his Democratic rival Kamala Harris in the race for the White House, the company will not be able to sign new agreements. However, they can continue with existing agreements.
On the Tribeca website, Trump Organization Vice President Donald Trump Jr has expressed his keen interest in the Indian real estate market.
“India is home to the largest portfolio of Trump products outside of North America. The purchasing power of the Indian population is growing by leaps and bounds…” Trump Jr. said, highlighting the relevance of the brand in the country.
Positive demand for office space in India due to growth prospects
On his website, Mehta noted that the next big leap for the Indian real estate market is branded super-luxury properties, and that the Trump Organization is the best brand to drive that momentum. He believes that aligning with the Trump Organization will give them a unique advantage in creating high-quality real estate products for this niche market.
Real estate consultancy Knight Frank has forecast a strong appetite for luxury real estate in India. According to its report published in July, India’s status as the world’s fastest-growing major economy has had a positive impact on its demand for office space.
In terms of office demands, the report highlighted an impressive transaction volume in the first half of 2024, which registered a year-on-year increase of 33 percent, indicating strong momentum going forward.
First published: August 22, 2024 | 11:46 am IS
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