Tribeca Developers and Ira Realty will jointly build a Trump-branded luxury housing project here with a total investment of about Rs 2,000 crore as part of their expansion plans amid strong consumer demand.
The Trump Towers project, located at Golden Mile Road in Kokapet, comprises two 65-storey buildings with 450 apartments, including 16 penthouses. The total developable area will be 22 lakh sq ft.
Mumbai-based Tribeca Developers is the official representative of the Trump brand in India.
This is the eighth Trump-branded project in India and the first in South India.
Out of the eight announced in India so far, there are seven housing projects and one office complex under the brand.
Addressing a press conference here, Tribeca Developers founder Kalpesh Mehta said the first Trump-branded project in India was launched in 2014.
"Since then, we have launched projects in Mumbai, Pune, Gurugram, Noida and Kolkata, but we have not yet penetrated South India, and that changes today. Hyderabad has been on our radar for a very long time," he said.
Asked about the project cost, Mehta said the company would invest around Rs 1,700-1,800 crore on this project, excluding the land cost. The land value will be around Rs 250 crore at the current rate.
On sales realisation, he said it would be between Rs 3,500 crore and Rs 4,200 crore.
The price range for apartments is Rs 5-10 crore.
Mehta said the company has witnessed an encouraging response with eight penthouses already sold for around Rs 250 crore. One large penthouse was sold for Rs 62 crore.
Mehta claimed the two towers will be the tallest in South India with a height of 240 metres. The construction work has started, and the project would be completed in the next 4 years.
About any possible impact on sales due to current India-US relations, he said, "Trump has been in India much before the politics and has stayed throughout, and there we've seen no impact of anything beyond what the product stands for and what the brand stands for".
"We have seen no impact of anything really," he added.
Eric Trump, Executive Vice President of The Trump Organization, said: "India continues to be one of the world's most exciting luxury real estate markets, and we are delighted to bring the Trump brand to Hyderabad for the first time. We are excited to collaborate once again with Tribeca".
He noted that Hyderabad is one of India's most dynamic and rapidly growing cities.
"I am confident that Trump Towers Hyderabad will become one of its most iconic addresses," said Eric Trump.
Narsi Reddy, founder and Managing Director of Ira Realty, said, "We assembled this land over many years...we wanted a brand that needs no introduction anywhere in the world, and a developer who has proven, in city after city in India, that it can deliver at that standard".
Mehta of Tribeca said it is looking to do 3-4 more Trump-branded projects in India over the next four years. It is exploring Bengaluru and Chennai markets.
He said there could be Trump-branded hotels and golf course projects as well.
Trump Organization is one of the leading real estate and hospitality groups in the world, with over 20 iconic golf and resort properties.
Tribeca Developers has 13 projects covering 14 million square feet. It is the largest developer of Trump-branded properties in the world.
Out of the 8 Trump-branded projects announced so far, three are delivered, and one in Kolkata is on the verge of completion.
Founded in 2019, Ira Realty is a real estate developer focused on luxury residential, commercial and township developments.
The company has developed 15 projects in Hyderabad, delivered over 5 million sq ft, and currently has more than 20 million sq ft under development.
