Privately owned real estate and entertainment company, the Trump Organisation, has announced plans to enter the Indian property market with a luxury residential tower in the city of Mumbai.
The New-York based company, owned and managed by Donald Trump, is to work with Indian developers Rohan Lifescapes for its first venture in India, said a report in Bloomberg.
Executive vice president, Donald Trump Jr, told Bloomberg: "The market place (in India) is beginning to understand and appreciate luxury, so there is a great opening for us there, as well as in resorts"
The number of wealthy Indians has grown rapidly in the last 10 years. The Merrill Lynch-Capgemini World Wealth Report shows that the number of millionaires in India has more than doubled to 126,700 in 2010 from 84,000 the year before.
Mumbai's property market was hit hard by the property downturn in 2008-09. Sales of new homes in India fell by almost 25% and the number of home registrations in Mumbai saw a big dip. But that hasn't stopped luxury developments, when India's richest and the world's fourth richest man, Mukesh Ambani moved into a 27-storey house in Altamount Road in south-Mumbai, the 10th most expensive street in the world.
The house, named Antilia (pictured) after the mythical island in the Atlantic, was built at an estimated cost of £44 million, and is thought by many to be the world's most expensive house, worth almost $1 billion due to price appreciation.
According to reports, the Trump residence will be built in south-Mumbai where Ambani lives. The Trump Organisation is led by Donald Trump. His three children, Don, Ivanka, and Eric all work in senior positions in the company.
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