 "Trump Towers enters North India; M3M, Tribeca Developers to invest Rs 12 bn")
M3M and Tribeca will develop 250 ultra-luxury residences under a brand licence from The Trump Organisation, which is currently led by Donald Trump Jr, son of US President Donald Trump.
Initially, the apartments, which will have three and four bedroom options, will be sold in a price range of Rs 50 million to Rs 100 million. Size of the flats is from 3,500 sq ft to 6000 sq ft.
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This is the fourth Trump Tower project in India after Pune, Mumbai and Kolkata.
"We are launching today the most luxurious project in North India 'Trump Towers Delhi NCR'," M3M India Director Pankaj Bansal told PTI.
With an aim to woo customers, he said, "About an initial 100 buyers will fly to the US where Donald Trump Jr will host them."
Trump Organisation Executive Vice-President Donald Trump Jr said in a statement: "With its stunning architecture, beautiful interior options and lavish amenity spaces, our goal was to bring the best of the Trump brand and luxury living to Gurugram."
Trump Towers Delhi NCR will quickly become the most prestigious address in the city, he added.
The construction work of the towers, each around 50 floors and over 600 ft facing golf course, will start in March and the project will be completed in 5 years. The towers will have the signature all glass facade.
Each residence will have private elevator, while a third of the residences will have over 22-feet high double-height living rooms.
Asked about the project cost, Bansal said it would be Rs 12 billion excluding land cost.
M3M India and Tribeca expect sales revenue of Rs 25 billion from this project.
"This will be the biggest Trump project in India with the development of over one million sq ft," Tribeca founder Kalpesh Mehta said, adding that it took two years to design this project.
He said the company is targeting high net worth individuals and NRIs to sell this project.
M3M India has provided the land for this project and the company would be responsible for development as well. Tribeca has got the exclusive right to market this project, while The Trump Organization has lent the Trump brand.
In India, The Trump Organization has developed a luxury project in Pune partnering Panchshil Realty. It tied up with Lodha group in 2014 for housing project in Mumbai.
In November 2017, Trump Tower was launched in Kolkata. This project, comprising 140 ultra-luxury apartments, is being developed by Unimark Group, RDB Group and Tribeca Developers.
M3M India has a land bank of 2,200 acres in and around Gurgaon. It has already completed 8 projects and is currently developing 12 projects.