Trump Tower to be built in Mumbai, India
In what will be Donald Trump’s first real estate venture in India, Trump Organisation will work alongside Indian property developers Rohan Lifescapes to construct the luxury residential project in Mumbai.
Rohan Lifescapes will be responsible for building the Trump Tower, which will be officially launched by Donald Trump himself when he arrives in India.
The Trump Tower Mumbai will be a 3,000,000 square foot complex with 45 spacious apartments. The building will feature a luxury spa, a gymnasium, a mini-theatre and residents will benefit from a state-of-the-art security system.
Donald Trump Junior, executive vice president of Trump Organisation , commented, “The market place [in India] is beginning to understand and appreciate luxury, so there is a great opening for us there, as well as in resorts".
The property market in Mumbai was badly affected by the global economic downturn in 2008 and saw new home sales fall by twenty five percent.
However, during the last ten years, the number of wealthy Indians has grown rapidly. In fact, the Merrill Lynch-Capgemini World Wealth Report showed that the number of millionaires in India had increased from 84,000 in 2009 to 126,700 in 2010.
As the wealth of the Indian population has continued to grow, luxury property developments in India have seen increasing demand.
A recent, if extreme, example of this was the construction of Antilla; a twenty seven-storey house in Altamount Road, south Mumbai.
Owned by India’s richest man, Mukesh Ambani, and named after a mythical island in the Atlantic Ocean, it is estimated that Antilla cost Ambani around £44 million (US$70.3 million) to build.
Unsurprisingly, according to recent reports, the new Trump Tower will be in south Mumbai; the same location as Antilla.
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Rebecca Smith is a real estate journalist with more than 15 years experience. She is currently the sales director for Ocean Villas Group (http://www.oceanvillasgroup.com) who specialise in luxury ocean view property investments worldwide.
For more Investment news... http://blog.oceanvillasgroup.com
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