Skip to content
Search

Latest Stories

Trump junior to wine and dine luxury flat buyers in India

Dozens of property investors and their families will be treated to dinner with Donald Trump junior in Delhi this week after snapping up flats in a Trump Towers luxury development on the outskirts of the Indian capital.

Trump's local partners have promised dinner with the US president's son to anyone who buys into the development of high-rise apartments boasting floor-to-ceiling windows, state of the art amenities and a "lifestyle concierge".


At 2.5 million rupees (around $39,000) just for the downpayment on the smallest and cheapest flat, that is well beyond most Indians.

Nonetheless, the development has already clocked up sales worth nearly $80 million, according to a statement released on Monday.

"Despite the sluggishness of the luxury residential market in Delhi NCR (National Capital Region) and in India, the project has smashed all sales records," said the statement.

Around 75 people have already stumped up and Indian developer Tribeca expects that number to increase to 100 before the promotion deadline expires on Thursday, a staff member revealed on condition of anonymity.

"The meeting is a token of gratitude to the clients for showing tremendous faith in the upcoming project," said the Tribeca employee.

- 'Trump is here' -

The 47-storey towers will comprise 250 homes and are expected to be completed by 2023, with price ranging from 55-110 million rupees ($850,000-$1.7 million).

Adverts in Indian newspapers on Monday (19) promised prospective buyers their neighbours would include a "renowned industrialist", "art maestro" and "famous Indian cricketer" -- although it was not clear whether this was based on the identity of the existing buyers.

"Trump is here. Are you invited? read the full-page advert in Monday's Times of India.

The development is in the modern satellite city of Gurgaon, where many major companies now have their headquarters.

Prospective buyers are promised an adjoining nine-hole golf course and access to a club that will include an indoor pool, spa and fitness centre.

India is already the Trump Organization's biggest international market, with developments in four major cities -- Mumbai, Pune, Gurgaon and Kolkata.

All are being built with local partners, with the Trump Organization giving permission to use its brand and taking a share of the profits.

According to media reports, the estimated cost of developing these projects is $1.5 billion.

The Trump family earned $3 million in royalties in 2016 from ventures in India, according to a New York Times report.

Trump junior and his brother now head the company after their father stood down when he became president amid concerns over a conflict of interest.

Although the US embassy says he is in Delhi on an unofficial visit, Trump junior is due to speak on Indo-Pacific relations at a business conference on Friday at which prime minister Narendra Modi will be the keynote speaker.

The luxury property in Gurgaon is being developed by Indian firms Tribeca and M3M, with construction expected to start towards the end of the year.

India's residential property market has struggled in recent years, hit by a glut in urban centres combined with the impact of a 2016 move to tackle tax evasion with a ban on high-value banknotes.

More For You

JLR-Tata-Getty

JLR had initially planned to manufacture more than 70,000 electric vehicles at the facility. (Photo: Getty Images)

JLR halts plan to build EVs at Tata’s India plant: Report

JAGUAR LAND ROVER (JLR) has put on hold plans to manufacture electric vehicles at Tata Motors’ upcoming £775 million factory in southern India, according to a news report.

The decision was influenced by challenges in balancing price and quality for locally sourced EV components, three of the sources said. They added that slowing demand for electric vehicles was also a factor.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less
Boohoo

Boohoo’s shares, which have fallen by about 20 per cent this year, dropped 4 per cent on Tuesday. (Photo: Getty Images)

Boohoo rebrands as Debenhams after 21 per cent sales drop

BOOHOO has rebranded itself as Debenhams Group after sales from its young fashion brands, including Boohoo, MAN, and PrettyLittleThing, declined by 21 per cent to £947 million.

The move comes amid strong competition from Shein and a shift towards second-hand clothing among younger shoppers, The Guardian reported.

Keep ReadingShow less