The Real Deal New York

Trump Organization to launch two new projects in India

Both residential buildings, the luxury units come in an awkward time
October 29, 2017 09:30AM

(Gage Skidmore)

Amid ongoing concerns over President Trump’s ties with foreign governments, the Trump Organization, under the leadership of Donald Jr., is preparing to launch a pair of projects in India.

The luxury residence building in the city of Kolkata will begin selling at up to $765,000, while apartments in Trump’s upcoming building in the New Delhi suburb of Gurgaon will begin at $1.8 million, according to the Washington Post. The deals on both projects were made before Trump was elected president.

“We are long-term, extremely bullish on India,” the Trump Organization wrote via an written statement to the Post. “We are optimistic about the future and very proud of our existing presence in the market.”

However local real estate experts are scratching their head; Mumbai-based managing director of a property rating and research firm, Pankaj Kapoor, said India’s luxury housing market “has been in distress.” In Kolkata alone there are 428 unsold luxury apartments.

“Prices for the last four years haven’t gone up, inventory has grown and sales have been really bad,” she told the Post.

Since 2014, the Trump Organization has earned up to 11 million in royalties from licensing agreements in India.

[Washington Post] — E.K. Hudson