Donald Trump is betting on India.
The real estate mogul, investor and television personality announced plans Tuesday to build a 75-story, 800-foot Trump Tower Mumbai in the nation’s commercial capital. With the gleaming edifice, Trump says he’s hoping to grab the attention of the country’s growing elite.
“It has been my desire for many years to be involved in a great project in Mumbai, and it is my honor to bring the Trump lifestyles to the citizens of this truly global metropolis with the launch of Trump Tower Mumbai,” said Trump, the chairman and president of The Trump Organization.
Trump has teamed up with the Lodha Group, which bills itself as India’s No. 1 luxury real estate developer. The Group is currently developing over 35 million square feet of prime real estate, with over 20 projects in London, Mumbai, Pune and Hyderabad. Among its landmarks: World One, which is the world’s tallest residential tower and is located in Mumbai.
“Mumbai today is a global megapolis and center for capital, talent and industry. It is only fitting that we bring one of the biggest name in luxury living to our home market with Trump Tower Mumbai,” Abhishek Lodha, the managing director of the Lodha Group, said at the project launch.
“Our collaboration on Trump Tower Mumbai not only raises the bar in every sense for luxury and services, but sets a new benchmark for luxury living in India — creating a tower that redefines the Mumbai skyline,” he said.
The Tower will include 3- and 4-bedroom residences with indoor Jacuzzis and a price tag expected to be around $80 million and $100 million, respectively. An added plus: membership of a private jet service.
Neither Trump nor Lodha announced a date for the project’s completion. But one thing’s clear: there should be a huge market for these “uber-luxurious” pads.
India’s booming economy has been good to the small but growing elite. Just last month, the Guardian newspaper reported that those worth in excess of $3.75 million grew by 16% in the past year and that India’s richest are expected to quadruple their net worth in the next four years.
This is the second luxury tower being built by The Trump Organization in India, joining the 22-story Trump Towers Pune, which is due for completion in 2015. Trump properties span the globe, from Uruguay to the Philippines.