The Trump Organization, the real estate firm of front-runner for the Republican nomination for the US presidency Donald Trump, has signed its first commercial office deal in India with private equity fund and developer IREO in Gurgaon.
IREO’s high-end office building, which will see an investment of Rs 10 bn, will see the construction of a 600,000-700,000 sq ft office space on Gurgaon’s Golf Course Extension Road.
Donald Trump Jr, Executive Vice President at The Trump Organization, said Gurgaon is ready for such a project. “We fully understand that there is quite a bit of commercial office space in India, especially in Gurgaon, but I think when we talk about the luxury segment, the market is truly underserved,” he said.
Lalit Goyal, managing director, IREO, said the company has been in talks with Trump for a long time and was waiting for the right time to enter the market with such a product. “Now is the right time as Gurgaon today is short on high quality commercial office space,” he said.
Trump was quoted as saying that he had been to India a few times. “I think, like a lot of in India, whether it is residential or commercial, it is generally underserved in the luxury market.”
The office building, which will be designed by architect Norman Foster, will be part of the larger master-planned IREO city in sector 61 of Gurgaon.
Trump did not comment on whether his firm will invest and take an equity stake in this project. “It depends on the project, on a case-to-case basis. We do that in many places, it’s a question of the deal. We would never rule that out, of course,” he said.
The company already has two residential projects in Pune and Mumbai. It has partnered Lodha Group for a high-end residential project in central Mumbai in Lower Parel.
Panchshil realty had signed a similar deal with it in 2012 and is close to completing the Trump Tower in upscale Kalyani Nagar area of Pune.
Trump said his company is looking at markets such as Bengaluru and Hyderabad and even markets within markets for more such deals. It is also looking at Goa for a resort kind of property.