Donald Trump Jr. on Tuesday joined Mumbai-based real estate developer Tribeca Developers' founder Kalpesh Mehta to announce Tribeca's plan to add new projects in India under the Trump brand. The company plans to invest Rs 5,000 crores in new projects in 2023 of which half will be allocated to the Trump-Tribeca portfolio.
On the occasion of Tribeca's 10th anniversary, former US president Donald Trump's son Donald Trump Jr., executive president of the Trump Organisation, flew to India for one night to announce his expansion in India's real estate market.
Speaking on behalf of Tribeca, Mehta said that the company was betting aggressively on doubling its portfolio over the next 12 months.
“With the success of our recently delivered projects and the tailwinds in the industry, we are embarking on an aggressive expansion plan of doubling our project portfolio in the next year,” Mehta said.
As per a company press release, Tribeca is the largest developer of Trump properties outside the North American continent and India is the largest market for Trump-branded properties outside the United States.
It currently holds properties in Mumbai, Delhi-NCR, Kolkata and Pune. It is looking to expand to new territories under the Trump branding in the coming future.
“My friendship with Kalpesh goes even further back and I am delighted to be here for this special occasion,” Trump Jr. said at the event.
Looking back to old projects, Trump Junior highlighted that something had “gone wrong" in every single deal between the Trump organisation and Tribeca. However, the two companies had managed to work out complications and are committed to continuing their partnership.
“I am looking forward to our joint expansion plans over the coming years in India,” he added.
Mehta is optimistic about the success of his investment, claiming that a section of the Indian population still likes the Trump brand uninfluenced by changes in Trump's perception in the West.
(Edited by : Ayushi Agarwal)
First Published: Dec 13, 2022 4:30 PM IST
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