According to a report on livemint.com, Donald Trump Jr's Trump Organization USA had plans to enter the Indian property market to set up projects in Bengaluru and Mumbai; however, the economic slowdown and cash crunch have caused the Trump Organisation to walk out from the projects. A number of Trump Towers were planned in Bengaluru, Mumbai and Delhi, which included luxury hotels and condominiums. Although, Trump Jr planned to build iconic towers during the property boom, he was unhappy about the poor roads and traffic snarls in Mumbai and Bengaluru.
The Rs 560 Crore Trump Tower in central Bengaluru, Bangalore 47, was to be a 47 storey tower; it may be shelved. There were plans to set up a luxury hotel, as well. As investors are shying away, the project on Residency Road, Bengaluru has been on hold for the past few months. The Bengaluru-based landlord has now put the land on the block and is negotiating its sale with other potential buyers.
In Mumbai, Trump Organization was in talks with a south Mumbai developer to build a sea-facing, 50 storey hotel-cum-residential project near Marine Lines in the southern part of the city. The developer decided to walk out after several negotiations and a draft memorandum of understanding with Trump Jr and his sister, Ivanka Trump.
In either project, Trump Organization was not to be an investor; it was to develop, sell, manage or lend its brand name to the properties. The Bengaluru project was to be developed by a consortium comprising Asipac, project management firm Synergy Property Development Services, Bengaluru-based architects Thomas Associates and local developer Rajatha Developers. Renegotiations with investors are on as prospects in the real estate sector look brighter.
Source : hospitalitybizindia
|