Donald Trump’s victory in the US presidential election is expected to boost India’s luxury property market, several media outlets have predicted. The country is reportedly set to become home to the largest number of Trump Towers outside the US, adding six new Trump-branded projects next year.
From the current four residential towers in Mumbai, Pune, Gurgaon, and Kolkata, the number is reportedly expected to grow to ten in the next six years, expanding the luxury real estate brand’s footprint in the country.
The real estate deals between the Trump Organization and its Indian partner, Tribeca Developers, will add one tower each in Mumbai, Pune, Gurugram, Bengaluru, Hyderabad, and Noida. The combined floor area of Trump Towers is expected to total 8 million square feet (7.4 million square meters) from the current 3 million (2.7 million square meters).
Trump Tower made its way to India in 2014, when the first such building was launched in Mumbai. Trump was in India for the occasion, which came shortly after the election of Prime Minister Narendra Modi.
“The luxury real estate market is booming in India, and the demand has been robust,” Tribeca Developers founder Kalpesh Mehta was quoted as saying by the Mint news outlet.
The upcoming projects will reportedly include high-rise residential towers, offices, villas, and golf courses. Once completed, India will surpass the US with the highest number of Trump Towers worldwide.
“Trump is the only super luxury real estate brand in the world, and Tribeca has worked hard to ensure that our Trump projects in India become trophy properties,” Mehta told the Hindustan Times.
“The new projects have been carefully selected over time, and we intend to push the boundaries of luxury even further with them, further solidifying Tribeca’s position as India’s leading trophy property developer,” he added.
The four Trump Towers in India currently offer approximately 800 residencies, reportedly costing from around $800,000 to $3 million each.