Tuesday, November 20, 2007

Trump to build high-rises in India

Mumbai and Delhi could soon see a Trump Tower on the lines of Trump Organisation's high rises in Manhattan, with the US-based realty major planning to invest in the Indian property market over the next 18 months.

The company will focus on high-end projects in Mumbai, Delhi, Hyderabad, Bangalore, and resorts and villas in Goa, said Donald Trump Jr, executive vice-president, development and acquisitions.

Trump, however, declined to specify how much the company would invest in India.

Trump owns and manages several marquee hotels, resorts, casinos and building omplexes in New York, including the Trump Casino, Trump International Hotel, Trump Marina Hotel and Casino, Trump Taj Mahal Casino Resort and Trump Tower.

The company recently entered the Dubai property market with the Palm Trump International Hotel and Tower through a local joint venture.

In India too, Trump is planning joint ventures or licensing agreements with local developers.

"We are in talks with many developers, hopefully we will be able to sign a deal in the next 18 months. However, there are not many high-end products that we can buy into," he said.

Trump is of the view that although property prices in India have spiralled, they are not as high as global realty prices.

"There is a shift from rental homes to owned houses and the educated youth is creating a lot of wealth. This factor can be utilised by the luxury developers like us," Trump said.

Trump believes that the emergence of nuclear families and demand for real estate can drive the growth for high-end developers.

"Like the US, India is becoming increasingly urbanised, where more youth are moving into cities. This is another opportunity," he said.

He said upcoming high-end projects in India have instilled confidence in developers and investors like them to enter the country.

"When I came here some years ago, developers were making tall claims. Today, we can see a lot of good high rises coming up and it instills a confidence in us," he said.


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