The Trump Organization, led by US billionaire and property mogul Donald Trump, has tied up with Mumbai-based Lodha Group for developing the Trump Tower in Mumbai. The proposed tower with two wings will be part of Lodha’s 17.5-acre development, The Park, in central Mumbai.
The over 800-feet high Trump Tower will offer 3, 4 and 5 bedroom apartments and the prices are expected to be over Rs 8 crore for 3-bedroom and Rs 10 crore for 4-bedroom residences, Lodha said in a release on Tuesday. The 77-storey tower will have over 460 apartments.
The company has procured requisite permissions for construction, which is expected to start soon. Lodha expects to deliver the project by 2018.
Currently, Trump is executing its first India project, with Pune-based Panchshil Realty. This 22-storey twintower project at Kalyani Nagar in Pune is scheduled to be completed by 2015.
In 2011, the global luxury real estate brand had tied up with Mumbai-based developer Rohan Lifescapes for its maiden India project. However, this 65-storey project in south Mumbai could not take off due to pending approvals and Trump is in the process of terminating this pact.
Under the termination clause in its earlier agreement with Rohan Lifescapes, Trump will have to refund Rohan the already paid premium for using the brand for the south Mumbai project.
Interestingly, Lodha’s agreement has a condition that Trump’s association for project development in Mumbai will be exclusively with the developer. The agreement with Lodha Group has a defined period exclusivity clause for residential projects in Mumbai. However, Trump is free to tie up with any other entity for its hospitality projects, said a person close to the development. (Source:ET)