Donald J Trump, a global real estate tycoon and creator of iconic developments across the major cities in the world, on Tuesday unveiled Trump Tower Mumbai – the first Trump project in the city in collaboration with the Lodha Group.
The Trump signature connotes the highest level of luxury, the finest locations and the most prestigious real estate said Trump, chairman and president of The Trump Organization.
With Lodha group, the property in Worli would be the finest in luxury apartments with three and four bedrooms priced between Rs 9 crore and Rs 18 crore, Abhishek Lodha, managing director of Lodha group said at a press conference.
The investments made by Trump were, however, not disclosed.
Trump Towers offer a host of exclusive lifestyle privileges, including a 24-hour resident manager and access to global Trump luxury properties with a fractional membership to private jet service, exclusively for its residents.
Trump Towers are among the most successful residences worldwide, creating exclusive value that commands significant premium over all others.
"It has been my desire for many years to be involved in a great project in Mumbai, and it is my honour to bring the Trump lifestyles to the citizens of this truly global metropolis with the launch of Trump Tower Mumbai," said Trump.
Meanwhile, Trump is planning "substantial investments" in the Indian property and hotel sectors, betting on Prime Minister Narendra Modi-led new government's efforts to revive the economic growth and boost infrastructure.
"I do see India as a great place to invest, and I think the election made that even better," said Trump.
"People are coming into India now that maybe would not have prior to the election," Trump said.
"We will make investments in India, substantial investments in India. It's a great place to invest."
"I don't know that I would have made that statement three, four, five years ago. It was different."
Trump said his company was also in talks to invest in the hotel sector in India.
The billionaire entrepreneur and television personality did not give details of his investment plans in India. He has another project under development in Pune, which is also a licensing pact.
Home sales across the big Indian cities rose by 5% in the June quarter from a year ago, compared with an 11% rise in the same quarter two years ago, according to property research firm Liases Foras.
In a move to boost foreign investment in the sector, India this month paved the way for the market listing of real estate investment trusts, which will help debt-laden developers access cheaper sources of funding.