The Indian developers are expecting to collect around Rs 700 crore in sales from iconic Trump Tower project. The project comprises of 140 ultra-luxury apartments which have been launched in Kolkata.
The starting price of the apartments is Rs 3.75 crore for a 2,500 sq ft size flat. Realty firms RDB Group, Tribeca Developers and Unimark Group have already sold about 50 percent units during the soft-launch in mid-October
The Trump Organization founded by US President Donald Trump already has Trump-branded projects in Pune with partnering Panchshil Realty and even tied up with Lodha group in 2014 for the housing project in Mumbai.
According to Tribeca Developers Managing Partner Kalpesh Mehta, “We will be developing about 130-140 units in this Trump tower. The construction work has already started and the project will be delivered in mid-2020.”
The construction cost would be around Rs 7,000 per sq ft in this project, Mehta added.
On sales, Mehta said the response has been very good and the company has sold 50 percent of the unit within one month. The company would soon increase the price by 15 percent, Mehta added.
He said, “We expect to generate about Rs 700 crore from this project.”
“There was a big gap in the super-luxury residential segment of Kolkata, with no branded luxury developments. Despite a price increase, we anticipate a complete sell-off of the development in the next 6-12 months,” Mehta said.
According to Harsh Patodia, CMD of Unimark Group, said, “We always believed that the product and the Trump brand would do well in Kolkata, but this has surpassed even our best estimates.”
“The global appeal of the Trump brand along with the absolute best product offering performed extremely well for us,” according to Vinod Dugar of RDB Group.
Last year Unimark, RDB and Tribeca partnered to build this Trump Tower.
Unimark is one of the leading real estate developers in Kolkata, while RDB Group has interests in many businesses including real estate and infrastructure.
Tribeca is a boutique branded real estate developer. It has worked with the Trump Brand for the last seven years.