After entering India's luxury real estate market through a tie-up with Pune-based Panchshil Realty, American billionaire and New York-based real estate developer Donald Trump, the man behind the global luxury real estate company, Trump Organisation, is now giving Mumbai a taste of his luxury brand.
Trump has entered into a second brand licensing agreement with Mumbai-based Lodha Group, for a luxury housing project in South Mumbai.
Basically, this luxury project will not costTrump a thing as the entire project isnot owned, developed or sold by Donald J. Trump, The Trump Organization or any of their principals or affiliates. Instead, a subsidiary of India's Lodha Group is the owner and developer, and promoter of the property.
And sinceMumbai tops the list in the luxury housing market with 29 percent of under construction units priced above 1 crore, as against 11 percent and 5 percent in the National Capital Region (NCR) and Bangalore, Trump isis looking to cash in on the virtues's of the island city's real estate market.
I am proud to announce our newest project, Trump Tower Mumbai. Together with the Lodha Group, it will be incredible! http://t.co/Nt3BYffNdD
- Donald J. Trump (@realDonaldTrump) September 16, 2013
Here's what you need to know about the project:
•Trump Tower Mumbai will be the signature tower at The Park at Worli, forming part of Lodha's newly-launched 17.5 acre master-planned neighbourhood.
• Trump Tower Mumbai, surrounded by the 7 acre Park, will soar over 800 feet into the city's skyline. It will be a 77-storey high building comprising two wings with two to three units per wing on each floor.
• Bookings for this building are expected to begin in the coming months and prices are expected to be over Rs 8 crore for the 3 BHK and Rs 10 crore for the 4 BHK residences. The project is likely to come up by 2018.
• According to media reports,the proposed deal size is about Rs 160-170 crore and would not involve any investment or construction by Trump Organisation, but a fee payment by Lodha to Trump Organisation for licensed use of the Trump brand name for its project.
• A press release by Lodha says residences will come with 'dazzling interiors' including German Poggenpohl kitchens, 5-fixture master bathrooms, indoor Jacuzzi tubs, built-in TV's, an elite 7-level security setup. Check out the brochure here
•Not only will the residents have access to the Park, the exclusive 7 acres of world class landscapes, but will also enjoy world-class concierge, valet and facility management service.
What Donald Trump had to say about the project
Trump hopes that Mumbai's Trump Tower will be a great example of super-luxurious living in India
"I am proud to announce Trump Tower Mumbai - which will be one of India's most luxurious residences. This incredible tower will offer the Indian consumer the very best in exclusive living, in the heart of South Mumbai. The Lodha Group, the developers of this project, are well known for their iconic developments and I am looking forward to working with them to present this masterpiece that will undoubtedly redefine the Mumbai skyline," said Donald J. Trump.
What Lodha said about the project
" Through its iconic projects, Trump has changed the skyline of many global cities including New York and we are confident that the Trump Tower Mumbai, with its stunning design and prime location in Worli, will have the same impact on Mumbai. With the world-class development and operating standards set by Trump and Lodha Group's leadership and superior expertise in luxury real estate in India, the Trump Tower Mumbai will usher in a new standard of branded luxury living in India, " said Abhishek Lodha, Managing Director, Lodha Group.
Meanwhile, Trump has reportedly walked out of Girguam project after it loses its 'super luxury tag'
In 2011, Trump entered India with a joint venture partnership with Rohan Lifescapes to build a 45-storey luxury residential tower in Mumbai. The luxury project was supposed to come up near near Girguam Chowpatty, but according to a Mumbai Mirror report, Trump walked out of the project since it 'lost its luxury tag' after 'irregularities' hit the initial project plans.
Donald Trump's first realty project in India is to come up in Pune
In July this year, Trump had announced his company's first Indian project, a 22-storied residential twin towers in Pune having 44 luxurious single-floor condominiums.
"A pair of sleek ultra-modern towers that redefine the Pune skyline, Trump Towers Pune marks the entry of the Trump brand of luxury and elegance in India," the company said on its website.
Expected to be completed by 2015, Trump Towers Pune will also have an exclusive fitness center by Bollywood star John Abraham.
"All residences will have five bedrooms with an additional home theatre room and host a 360-degree view of Pune cityscape with the surrounding Aga Khan Palace and the lush green Jogger's Park being prominent. Trump Towers Pune's location is envious," it said.
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Updated Date: Dec 20, 2014 23:07:21 IST