New Delhi, Nov 24 (PTI) The iconic Trump Tower comprising140 ultra-luxury apartments has been been launched in Kolkataand its Indian developers are expecting to garner around Rs700 crore in sales from this project.
Realty firms Unimark Group, RDB Group and TribecaDevelopers have already sold about 50 per cent units since theproject was soft-launched in mid-October. The starting priceis Rs 3.75 crore for a 2,500 sq ft size flat.
This is the third Trump Tower to be launched in India.
The Trump Organization -- founded by US President DonaldTrump -- already has Trump-branded project in Pune partneringPanchshil Realty. It tied up with Lodha group in 2014 forhousing project in Mumbai.
"We will be developing about 130-140 units in this Trumptower. The construction work has already started and theproject will be delivered in mid-2020," Tribeca DevelopersManaging Partner Kalpesh Mehta told PTI.
Asked about the project cost, he declined to disclose thenumber but said the construction cost would be around Rs 7,000per sq ft in this project.
On sales, Mehta said the response has been very good andthe company has sold 50 per cent of the unit within one month.
Mehta said the company would soon increase the price by15 per cent.
On sales realisation, he said: "We expect to generateabout Rs 700 crore from this project.""There was a big gap in the super-luxury residentialsegment of Kolkata, with no branded luxury developments.
Despite a price increase, we anticipate a complete sell-off ofthe development in the next 6-12 months," Mehta said.
Harsh Patodia, CMD of Unimark Group, said, "We alwaysbelieved that the product and the Trump brand would do well inKolkata, but this has surpassed even our best estimates."Vinod Dugar of RDB Group said: "The global appeal of theTrump brand along with the absolute best product offeringperformed extremely well for us."Tribeca, Unimark and RDB partnered last year to buildthis Trump tower, which is located on EM Bypass, the city'smain arterial road and has some of the finest luxury hotels ofKolkata in its neighbourhood.
Tribeca is a boutique branded real estate developer. Ithas worked with the Trump Brand for the last seven years.
Unimark is one of the leading real estate developers inKolkata, while RDB Group has interests in many businessesincluding real estate and infrastructure. PTI MJHMKJ.
This is unedited, unformatted feed from the Press Trust of India wire.