RERA in Real Estate: What Buyers and Builders Need to Know
2024-12-23 01:51:26
Two Trump Towers are now completed in Pune and Mumbai, with two others under construction in Gurugram and Kolkata, and at least four more in the planning stages.
As Donald Trump runs for a second term in the upcoming November 5 election, the demand for his brand’s luxury real estate ventures in India continues to grow. India has become one of the largest markets for Trump-branded properties outside the US, with a notable surge in demand for luxury real estate, according to industry experts.
Tribeca Developers, the exclusive licensee for Trump properties in India, previously partnered with Macrotech Developers and Panchshil Realty for construction but now plans to independently develop all upcoming Trump Towers. Currently, completed Trump Tower units are priced from Rs 10.40 crore to Rs 19.05 crore. The Indian luxury property market has seen a significant uptick, with luxury real estate now comprising 4% of the total market compared to 2% in 2022, and sales in this segment up 75% in 2023. In the first half of 2024 alone, luxury homes made up 41% of total sales, a notable increase from 30% a year prior.
Despite controversies surrounding Trump, his luxury brand remains popular among affluent Indians, HNIs, and NRIs seeking high-profile properties. “Trump Towers have seen steady demand from affluent clients who want a distinctive address,” shared a real estate broker in Pune, where Bollywood star Ranbir Kapoor owns a unit he rented out in September 2023.
The Trump Organization, primarily managed by Donald Trump’s sons, Donald Jr. and Eric, licenses the Trump brand to developers outside the US, charging a management fee typically between 3-4% of each sale. Developers have flexibility in the design of Trump Towers but tend to favor signature Trump aesthetics—glass facades with black and gold exteriors—to capture the luxury brand’s distinct style.
Tribeca Developers has announced its plans to develop future Trump Tower projects independently, partnering with M3M for the Gurugram project, priced between Rs 12 crore and Rs 24 crore, and Unimark for the Kolkata project, with prices around Rs 4-7 crore. Additionally, Tribeca has launched a separate luxury project, The Edge, in Mumbai’s Parel, and is considering a second Trump Tower in Mumbai. Future projects are also planned in Pune, Gurugram, and potentially Hyderabad.
With its steady expansion and strong demand, the Trump brand continues to attract India’s luxury homebuyers, affirming its place in the high-end real estate market.
2024-12-23 01:51:26
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