22 FEBRUARY 2018 Last Updated at 7:58 PM
Mumbai, Feb 22 American president Donald Trump’s son Donald John Trump Jr today announced the completion of the structural framework of its first Trump Tower in the country with local real estate developer Lodha Group.
The entire 78-storey project is however, due for completion only in mid-2019.
“We are proud to announce that Trump Tower Mumbai has reached its highest level of construction,” Donald Trump Jr, executive vice president, Trump Organisation, said at a ribbon-cutting ceremony held atop the tower here today.
“Mumbai has emerged as one of the most preferred destinations for luxury real estate and we are honoured to have a place within the city,” he added.
Trump Tower Mumbai was launched in 2014, and the 78-storey tower will comprise 400 luxury residences with prices in the north of Rs 16 crore for a 2 BHK unit.
The US president’s son is on a week-long visit to expand the Trump Organization’s real estate business in Asia’s third-largest economy.
The New-York based company, since entering the domestic real estate market in 2013, has launched four luxury residential projects with a revenue potential of USD 1.5 billion.
Other than the tie-up with the Lodha group in Mumbai, it’s portfolio includes projects across Pune, Gurugram and Kolkata in association with local real estate developers.
The fifth one, which is expected to be a commercial office project, is likely to be launched soon.
India is the USD 9.5-billion Trump Organization’s biggest residential real estate market outside the US.
The company, however, has not signed any new project here since Donald Trump took over as the president in January 2017. The company had announced last year that it would not enter into any new foreign deals while Trump is the US president.