Trump Tower in Mumbai’s Lower Parel area was launched by Donald J Trump
Mumbaikars and the rest of India will be surprised to hear this statement made by global real estate tycoon Donald J Trump. Trump stated that the real estate prices in Mumbai are “unbelievably low” in comparison to some of the other realty markets in the world. We Indians always believed that owning a hut in Mumbai is also a big thing as the property prices there are considered to be the highest in India.
Trump said on Tuesday that prices on a square metre or square foot basis are much higher in New York and other real estate markets in the world. Trump also stated that he likes coming into markets where it is good for an investor to buy (property) and do something special. Trump also stated that he likes to invest in markets like Mumbai where it is easy to acquire properties.
The chairman and president of The Trump Organisation, which has projects ranging from residential real estate to hotels and golf courses around the world, was in Mumbai to launch the upcoming Trump Tower in Mumbai’s Lower Parel area. Trump also lauded Prime Minister Narendra Modi, for taking measures which are favourable for the Indian realty market and allowing foreign investors to invest in the Indian markets.
Mumbai’s Trump Tower is being constructed in collaboration with the Lodha Group. The luxury project that is expected to be ready by 2018 will be coming up inside an ongoing Lodha Group project called The Park. This place is spread over 17 acres in south-central Mumbai. The land for this project was bought by the Lodha Group from DLF in 2012 for over Rs 2,700 crore. The upcoming Trump Tower in the city will be a 75-storey structure with two wings and 300 residences in all.
Abhishek Lodha, the managing director of Lodha Group stated that the total cost of the project is expected to be Rs 2,000-2,500 crore and is expected to fetch revenues of around Rs 5,000 crore. Apartments in Mumbai Trump Tower will be priced between Rs 9 crore and Rs 18 crore. The good news is that already, 100 apartments in Trump Tower have been sold. Lodha also mentioned that a lot of non-resident Indians from Middle East, Europe, and Hong Kong have bought properties, since they are aware of the luxury standards that a Trump property offers globally. Every day there are queries coming from people living in Mumbai, as well as from international investors.
Source- The Financial Express
Apartments in Mumbai, Mumbai Lower Parel, ongoing Lodha Group project, Prime Minister Narendra Modi, real estate prices in mumbai, Trump Tower
