US-based real estate major Trump Organisation is looking to expand presence in Indian market and is in discussion with developers in Mumbai and NCR for two Trump-branded housing projects, its India representative said.
Trump has already entered into Indian property market with a super luxury housing project in Pune being developed by Panchshil Realty. The project 'Trump Towers Pune', which was launched last year, marks the entry of the Trump brand of luxury and elegance in India.
Trump has appointed Mumbai-based Tribeca Developers as exclusive India representative to identify more such projects in the country that can be developed under its brand.
"This is the first of its kind tie-up Trump has ever done. This signals how important Indian market is for Trump. India would be the top three market outside of North America for Trump in the next 3-5 years," Tribeca Developers Managing Partner Kalpesh Mehta told PTI.
Tribeca would support Trump in identifying and selecting the sites and local developers for the various Trump branded residential, hotel, mixed-use and Golf Course projects in India, he added.
"We are in advance stage of discussions with developers in NCR and Mumbai who are keen to develop Trump branded properties. We hope to close two projects in these two markets in the next 6-12 months," Mehta said, adding that these two projects would be residential.
Besides NCR and Mumbai, Trump is also looking at Pune, Bangalore, Chennai and Hyderabad as well as select markets such as Goa and others where there is demand for super luxury real estate.
Tribeca, on behalf of Trump, is talking to big as well as small developers for projects. "The criteria is somebody who has done luxury before and wants to do ultra-luxury".
Asked about the Trump's business model in India, Mehta said the local developers would be sharing certain percentage of revenue with Trump for getting the licence to use latter's brand that carries a premium across the world.
Trump would monitor the project development and also help the local builders in sales and marketing, he added.
The Trump Organisation encompasses global real estate development and global licensing, sales and marketing, property management, golf course development, entertainment, entertainment and product licensing, brand development as well as restaurants and event planning.
Source : Economic Times