American real estate tycoon Donald John Trump Jr has said that his father’s presidency is a ‘negative’ for the family’s business. But the senior Trump will be after to the business post-presidency. Trump Organization has not endorsed any new projects in India since Donald Trump took over as the president of the USA, in January 2017. The company had declared last year that it would not enter into any new foreign deals while Trump is in the White House. To avoid any conflict of interest.
Stressing on how the Indian market is vital for his company, Trump Jr, executive V.P. of the Trump Organization said, “When we get back in business, India will be a prime market for us”. He was speaking at an event arranged by the Lodha Group. The elder son of President Trump said he had been coming to India for the past decade & ‘nurturing relationships.’ “We have been here for over ten years, partnering with the right people, in the right market,” he said. According to him, India lacks in true luxury projects. But it’s been catching up with global standards in the past few years. He goes on saying “Buyers were paying for ‘X’ in search of luxury but were getting ‘X’ minus a lot more though that’s changing now,”.
Trump Jr is in India on a week-long stay to expand Trump Organization’s real estate market in Asia’s third-largest economy. The New-York based company started the domestic market in 2013. It has launched four luxury residential projects with a revenue potential of USD 1.5 billion. Trump Jr also declared the structural completion of one of the four projects being built in Mumbai. These projects are in association with the Lodha group. However, the entire 78-storeyed Trump Tower Mumbai is due for completion only in mid-2019.
Other than the Mumbai project, the company’s portfolio includes residential projects across Pune, Gurugram and Kolkata. Projects are in association with local real estates developers such as Panchshil Realty, M3M, Tribeca, Unimark and IREO. The fifth one, which is predicted to be a commercial office project, is likely to be launched soon. The company has brand-licensing agreements with local developers but has made no equity investments. For the USD 9.5-billion Trump Organization, Indian is its most prominent residential real estate market, outside the USA.
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