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Real estate consultancy firm Knight Frank has predicted a strong appetite for luxury real estate in India. (Representative)
Tribeca Developers, the exclusive India licensee of Trump Organization-branded luxury properties, plans to launch towers named after the former US president in four cities by the second quarter of financial year 2025-26 (FY26), the ‘Financial Express’ (FE) reported on Thursday.
The company has picked Mumbai, Pune, Gurugram, and Hyderabad as new locations to expand Trump towers in India. It is in “advanced talks” for opportunities in Bengaluru, Chandigarh, Ahmedabad, and other cities, said the newspaper.
While speaking to FE, Kalpesh Mehta, founder of Tribeca Developers highlighted the time-bound nature of the deals because of the impending presidential elections in the United States, for which Donald Trump is in the race.
Deal talks time sensitive due to US elections
He said that they have time until September because if Trump beats Democratic rival Kamala Harris in the White House race, the company will not be able to sign new deals. However, they can proceed with existing agreements.
On Tribeca’s website, Vice-President of Trump Organization, Donald Trump Jr, has expressed his deep interest in the Indian real estate market.
“India is home to the largest Trump portfolio outside of North America. The Indian populace’s purchasing power is growing in leaps and bounds…,” Trump Jr remarked, highlighting the brand’s relevance in the country.
Positive office demand in India due to growth prospects
On the website, Mehta noted that the next big leap for the Indian real estate market is branded super-luxury properties, and Trump Organization is the best brand to set its 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 firm Knight Frank has predicted 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 large economy has positively impacted its office demand.
For office demands, the report highlighted an impressive transaction volume in the first half of 2024, which registered a 33 percent year-on-year increase. This indicates strong momentum moving forward.
First Published: Aug 22 2024 | 11:46 AM IST