78-storey structured Trump Tower completes construction in Mumbai

Mumbai has emerged as one of the most preferred destinations for luxury real estate, US President Donald Trump’s son Donald John Trump said on Thursday as he announced the completion of the structural framework of a 78-storey tower being constructed by his company here.

The Trump Tower Mumbai, launched in 2014, will comprise 400 luxury residences with prices above Rs 160 million for a 2-BHK unit.

The entire project is due for completion in mid-2019.

“We are proud to announce that Trump Tower Mumbai has reached its highest level of construction,” said Donald Trump Jr, executive vice-president, Trump Organisation.

The US President’s son is on a week-long visit to expand the Trump Organization’s real estate business in Asia’s third-largest economy.

The New-York based company, since entering the domestic real estate market in 2013, has launched four luxury residential projects with a revenue potential of $1.5 billion.

It’s portfolio also includes projects across Pune, Gurugram and Kolkata in association with local real estate developers.

The fifth one, which is expected to be a commercial office project, is likely to be launched soon. India is the $9.5-billion Trump Organization’s biggest residential real estate market outside the US.

The company, however, has not signed any new project here since Donald Trump took over as the president in January 2017. The company had announced last year that it would not enter into any new foreign deals while Trump is the US president.