American
real estate tycoon & celebrity Donald Trump announced that 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 Trump Organisation, which is the holding
company of his projects worth billions of dollars, described the Indian luxury
realty market as the “cheapest in the world”.
He
said that changed investor sentiment after Modi’s victory has forced him to
alter his licensing agreement with the Lodha Group, which is developing luxury
apartments over 75 storeys tall in Mumbai.
“I
will invest a substantial amount in Trump Tower Mumbai, in my individual
capacity,” Trump said, without quantifying the amount to be invested. He was in
Mumbai to unveil the first sample flat in 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 Trump Organisation to
develop 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, Trump Organisation had tied up with Pune-based
Panchashil Realty for a similar but smaller property in 2012. This 22-storey
residential twin-tower project would have 44 luxury single-floor condominiums
and is slated to be ready by 2015.
- PTI
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