Shakespeare might ask 'what's in the name?' But those who want to buy properties at the Trump Tower in Parel will disagree. They are paying a whopping Rs 18,000 per sq-ft more for an abode in the property that bears the brand name of the US President, than those in the immediate neighbourhood.
The 78-storey Trump Tower project in Lower Parel, which the Lodha Group is constructing using the Trump brand name, is being sold at higher prices than Lodha's other projects in the vicinity.
As per the Lodha Group's website, a 1,322 sq-ft carpet area 3BHK apartment in Trump Tower at Lower Parel is being sold at Rs 7.34 crore. "The apartments in Trump Tower are priced at around Rs 55,000 per sq-ft while in the Park project by the same Lodha Group, the price is perched at Rs 46,000 per sq-ft. Other developers are selling in this same locality in the range of Rs 38,000-Rs 40,000 per sq-ft. 'Trump' is a premium brand and hence commands more price for the address and the social status it commands," said a broker selling apartments in Trump Tower. He cannot be named as he has confidentiality agreement with the Lodha Group.
He further added that a 2,600 sq-ft duplex apartment in Trump Tower, Lower Parel, is sold at Rs 15 crore. There are 75 types of amenities provided in the tower matching the luxury standards of a seven-star hotel. Work is in full swing and 51 storeys of the Trump Tower are already constructed. "Buyers in the Trump Tower are extremely high profile, as they are vice-presidents, managing directors and corporate honchos. Bollywood celebrities, so far, aren't going in big numbers as they prefer a location between Bandra and Versova," said another broker.
While Abhisekh Lodha, MD at Lodha Group was not available for comment, his father and owner of the Lodha Group Mangal Prabhat Lodha confirmed that the properties were priced higher at the Trump Tower. He also revealed that Donald Trump Jr was going to meet and dine with various prospective buyers and investors in Mumbai on Thursday.
Pankaj Kapoor, MD at Mumbai-based Liases Foras, a property research firm, said while the luxury real estate segment was not bullish currently in the country, especially Mumbai, Jr Trump's visit may alter the sentiments of prospective buyers in the Trump Tower. "The Trump brand is associated with the affluent class and now with the power after Donald Trump became the US President... and it has become prestigious to stay in Trump Tower. These sentiments do help attract the potential buyers," added Kapoor.
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