Trump's India partner sees 'overwhelming' interest in apartments

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Apartments carrying the Trump brand are selling like hotcakes on the outskirts of India’s capital.

Buyers snapped up 20 apartments worth a combined 1.5 billion rupees ($ 24 million) at the Trump Towers in Gurgaon, about 19 miles outside New Delhi, within a day of them going on sale last week, the developers said.

“Interest has been overwhelming,” Kalpesh Mehta, chairman of the Trump Organization’s main India partner, Tribeca Developers, told CNNMoney. The company will release updated figures “when we reach another sales milestone in the coming weeks,” he added.

Dozens more luxury homes in the Gurgaon complex are up for grabs — its two towers will have a total of 250 apartments, with price tags ranging from around $ 800,000 to $ 1.6 million. Construction on the complex will likely begin next month and is expected to be completed by 2023.

As with its other properties in India, the Trump Organization is not directly involved in building the towers but has licensed its brand to local developers.

Related: What we know about Trump’s business in India

The project, a partnership between Mumbai’sTribeca and Gurgaon developer M3M India, is the fourth residential project in India to bear the Trump name. Trump Towers complexes in Mumbai and Kolkata are in the works, while the Trump Towers in the western city of Pune have already been completed.

Another project in Gurgaon, an office building, is being built by local developer Ireo at a reported cost of over $ 150 million.

The deals were reportedly inked before Trump took office and transferred the Trump Organization’s operations to his sons, Donald Trump Jr. and Eric Trump.

The Trump Towers complex in Gurgaon “is our final residential project in India and I couldn’t have hoped for a better season finale,” Donald Trump Jr. said in a statement posted on M3M India’s website. “This will become one of the finest Trump properties in the world.”

Related: What Davos wants to hear from Trump

The Trump name adds a significant premium to luxury residences in India, developers have said. A representative for the Lodha Group, which is building Trump Towers Mumbai, told CNN in 2016 that apartments in the complex were sold for 30% more than those in the group’s other properties.

“The global appeal of the Trump brand… will give the luxury residential market a much-needed boost,” Pankaj Bansal, director of M3M India, said in a statement on the company’s website.

M3M did not respond to requests for additional comment. The Trump Organization did not immediately respond to a request for comment.

Building the Trump Towers in Gurgaon will cost the developers an estimated $ 190 million, not including the land. They are expecting to make $ 400 million from apartment sales.

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Economic news – CNNMoney.com

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