Donald Trump may be one of the most hated men in history right now but the Trump Tower definitely enjoys a great popularity with the Indian crowd. The Trump Tower has officially made an entry in North India with its Gurugram project. The Trump Organization made an entry in the Indian real estate market some 5 years ago. This is the last residential project and the fourth of its kind. The organization plans to focus on the ongoing developments and projects before taking on any new ventures.
Here’s all that you need to know about the Trump Tower.
The latest Trump Tower of Gurugram estimates a total development cost of about Rs 1000 to 1500 crore, excluding the cost of the land. The residential unit will contain 250 luxury homes that will offer a residential experience like none other. Normally, the residences bearing the Trump brand range from 3.5 to 15 crore on an average.
The Trump Tower project is a joint venture between M3M India Private Limited, which is an Indian real estate firm, and Tribeca Developers, which is the official representative and mascot of the Trump Organization in India. This collaboration is important because Trump Organization works in association with local developers and does not make any equity investment. M3M shall be providing the land for this project.
The pause in the increasing residential projects also comes in the light of Trump taking on the post of the President. In fact, all the overseas projects have been put on hold while he holds office. So far, there have been 5 different projects ongoing with various partners. They are located in Mumbai, Pune, Kolkata, and two in Gurugram. Thus, naturally concentrating on metropolitan cities where the public can afford such homes. Interestingly, apart from North America, India is the largest market and source of profit for the Trump Tower Organization.
On the very first day of the launch of the Trump Tower in Gurugram, it managed to sell 20 luxury apartments, which are collectively worth Rs. 150 crore!
Ever since then, the company has set a target of Rs 2,500 crore of the entire 250 apartments. Each of these towers will be comprised of 50 floors, scaling 600 feet and overseeing a gold course. Currently, three and four BHK options are available in the project and they are all priced around Rs. 5-10 crore. The area of the residence (depending on the size) is from 3,500 square feet to 6000 square feet. Each of the houses will have a private elevator and 1/3 of the houses have nearly 22 feet high living rooms. The towers will contain the classic all-glass construction.
That definitely sounds luxurious!
The first 100 buyers will be flown to the US where the current chairman of Trump Organization, Donald Trump Jr., will host them. Naturally, this project is targetting the individuals having a high net worth or NRIs returning to India.
It is the largest Trump Tower project in India. The mere designing of this scheme took around 2 years to finalize. The one million square foot project will commence in March and is scheduled to be completed in 5 years.