Tribeca Developers are developing up to five Trump Tower buildings in India

By Bricksnwall | 2024-08-22

Tribeca is building Trump Tower residential buildings in Gurugram and Kolkata. The Trump brand was previously licensed to Panchshil Realty and Lodha, who developed Trump Towers in Pune and Mumbai.

Tribeca Developers is working on "four to five" Trump Tower projects in India, with the goal of signing deals by September, according to Kalpesh Mehta, the founder of the premium real estate firm.

Tribeca Developers, the official licensor of Trump Towers in India, has expanded into the development of properties bearing the name of former US President Donald Trump, who is also the Republican presidential candidate in the November election.

"We have a September election deadline, beyond which they will stop signing new deals. The goal is to complete four-five (deals) before then. On August 21, Mehta informed Moneycontrol that the new Trump Towers would most likely be erected in Pune, Gurugram, Hyderabad, and Mumbai..

Trump is the proprietor of The Trump Organisation, which licenses the Trump brand.

Tribeca develops Trump Tower-branded premium residential complexes in Gurugram and Kolkata.

Previously, the business licensed the Trump brand in India to Panchshil Realty and Macrotech Developers, which sell under the Lodha brand name and built Trump Towers in Pune and Mumbai, respectively.

Mehta further stated that, despite several problems and legal issues involving Donald Trump, the brand remains strong in India and fetches a premium in real estate.

Mehta spoke with Moneycontrol as Tribeca sold out the first tower of its The Edge luxury property complex in Parel, which it is developing with the Tejukaya group, the landowner. The project is Tribeca's first in Mumbai.

The Edge, which is being developed under Maharashtra's cluster redevelopment scheme, was formerly a chawl-style tenement.

The tenants of these chawls would be given rehabilitation units on the property, with The Edge development being sold as a free-sale option.

A single tower with 3, 4, and 5-bedroom houses priced between Rs 4 crore and Rs 12 crore has been launched.

The first tower has sold out with homes costing more than Rs 1,000 crore, with the second tower set to open in January 2025, according to Mehta.

Pranav Tejookaya, managing director and CEO of the Tejukaya group, stated that his business was hoping to collaborate with Tribeca on its planned Mumbai Trump Tower, which would be built on land owned by the company in Matunga.

Mehta stated that the company had booked Rs 1,300 crore in the current fiscal year and expected to close FY25 at about Rs 2,000 crore.

Tribeca's business development projection for the fiscal year is between Rs 6,000 crore and Rs 7,000 crore, with Trump Tower and Tribeca projects accounting for 50 percent each.

Mehta stated that the company was eager to enter the capital markets because debt was riskier than equity investment, and that Tribeca hoped to go public in four years.

Source: Money Control