Published : Nov 7, 2024, 10:28 PM IST
|Updated : Nov 8, 2024, 4:56 PM IST
Kolkata:The real estate sector in India closely observed the 47th US presidential election, particularly with four major Trump Tower projects underway, including one in Kolkata. The Trump organisation plans to have the highest number of towers in India, second only to its home market in the USA.
Trump Organisation made its entry into the Indian luxury real estate market in 2012 with Trump Towers. In addition to Kolkata, other towers are located in Mumbai, Pune, and Gurgaon.
The Trump Tower on the Eastern Metropolitan Bypass in Kolkata was inaugurated in 2018, just a year after Donald Trump assumed office as the 45th US President.
The inauguration was conducted by his eldest son, Donald Trump Junior, during a high-profile business event in Kolkata. The 138-storey tower was initially seen as an iconic landmark, but its prestige has waned due to delays in the project’s completion.
It’s important to note that while the tower carries the Trump name, the Trump organisation is not the direct builder. Instead, Tribeca Developers, the licensing company, is responsible for the development of these towers in India, paying a licensing fee of 3 to 4 per cent of each sale to the Trump organisation, sources reveal.