American real estate magnate Donald John Trump Jr has said that his father’s presidency is definitely a ‘negative’ for the family’s business but the senior Trump will be back to the business post-presidency. Trump Organization has not signed any new projects in India since Donald Trump took over as the president of the USA, in January 2017. The company had announced 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 important for his company, Trump Jr, executive vice-president of the Trump Organization said, “When we get back in business, India will be an important market for us.” He was speaking at an event organised by the Lodha Group, the Trump Organization’s local partner in building India’s first Trump Tower. The elder son of President Trump said he had been coming to India for the past decade and ‘nurturing relationships.’ “We have been here for over a decade, partnering with the right people, in the right market,” he said. According to him, India is lacking in true luxury projects but it’s been catching up with global standards in the past few years. “Buyers were paying for ‘X’ in search for luxury but were getting ‘X’ minus a lot more though that is changing now,” he said.
See also: Trump Towers’ maiden project in north India to come up in Gurugram
Trump Organization’s India portfolio steadily increasing
Trump Jr is in India on a week-long visit to expand Trump Organization’s real estate business in Asia’s third-largest economy. The New-York based company, since entering the domestic market in 2013, has launched four luxury residential projects with a revenue potential of USD 1.5 billion. Trump Jr also announced the structural completion of one of the four projects being built in Mumbai, 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, in association with local real estate developers such as Panchshil Realty, M3M, Tribeca, Unimark and IREO. The fifth one, which is expected 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 biggest residential real estate market, outside the USA.
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