Trump bullish on India, to invest more in residential, hospitality spaces

Says domestic luxury realty market as the 'cheapest in the world'

American real estate tycoon and celebrity Donald Trump today announced he is very bullish on India and would invest more in India's luxury residential and hospitality spaces, including the Trump Tower, which is his second project here.

Trump, who is the chairman and president of the Trump Organisation which is the holding company of his billions of dollars worth projects, described the domestic luxury realty market as the "cheapest in the world".

He said the changed investor sentiment after Modi's victory, has forced him to alter his licensing agreement with the Lodha Group which is developing 75-plus-storey luxury apartments in the city.

"I will invest a substantial amount in the Trump Tower Mumbai, in my individual capacity," Trump said without quantifying the amount to be invested.

He was in town to unveil the first sample flat at the 800- feet tall Trump Tower.

On his investment plans, the New York-based entrepreneur said he has lots of cash and that he is interested in owning properties in the country, most probably in the hospitality space.

"Our next destination could be Delhi for a high-end luxury residential property," he said.

Last September, the Mumbai-based Lodha Group had roped in the Trump Organisation to develop The Trump Tower in the group's upcoming property 'The Park', through a licensing agreement which also involves design.

The Park is a 17.5-acre plot at Worli in the central part of the city, which also has other projects.

Earlier, the Trump Organisation had tied up with Pune- based Panchashil Realty for a similar property in 2012 but smaller in size. This 22-storey residential twin-tower project would have 44 luxury single-floor condominiums and is slated to be ready by 2015.