Trump-Branded Real Estate Is Booming In India

Donald Trump Jr. arrived in India Tuesday, for a week-long visit to sell glitzy apartments to wealthy Indians. A barrage of front page Indian news ads promoting the exuberant apartments, promised a conversation with none other than Trump Jr. himself with every order of an apartment by Thursday.

The slew of ads announced the arrival of the eldest son of President Donald Trump in India in a bid to sell opulent apartments to wealthy Indians who have already bought units in several Trump branded developments.

Trump vowed to steer clear from any foreign business deals during his term in office to avoid any ethical conflicts, but Trump Jr. didn't have any qualms about taking up the reigns in the absence of his father. While Trump developments ventured into the Indian market long before Trump ran for office, ethics experts argued any business ventures carried out by his son bearing the Trump stamp can plunge them into an ethical debate.

Trump developments might have lost its opulent zeal at home but the lure of the luxury apartments retains steady power in the world’s sixth largest economy.

According to reports, the Trump organization saw a 3 percent decline in revenue during the early months of his presidency. The allure of the Trump name embossed on buildings seems to be a thing of the past. In a lawsuit filed in January, the board of a 376-unit luxury condominium tower on Manhattan's West Side asked a court to erase his name from the building citing his politics as a reason. They said they simply do not agree with his politics.

A recent report by a research firm CityRealty found that in 2016-2017 the average price of the condos sold in 11 Trump branded buildings was below the Manhattan condo average for the first time.

While American real estate might have declared a break from Trump developments, Indian markets still hold lucrative prospects for the Trump organization.

Presently the Trump organization has five projects in India making it the brand's largest conquest outside the United States market.

A luxury complex is already open in Pune, Maharashtra, with other developments currently under various stages of construction in Mumbai and Kolkata, and two in a chrome-and-glass complex in the New Delhi suburb, Gurgaon.

According to reports, a few months into its soft launch, the Trump tower In Kolkata had already sold 65% of its apartments.

Last week, when the apartments in Gurgaon went on sale, within a span of a day, eager buyers snapped up 20 apartments worth $24 million. The price of an apartment in Trump Towers in Gurgaon ranges from $775,000 to $1.5 million.

Pankaj Bansal, director of real estate firm M3M India which is selling the apartments, told CNN the response to the units had been phenomenal, and he expected the apartments in Gurgaon to sell out completely in the next six months.

"It's all about status symbols," he said. "People want to be able to say: 'Come, let's go have a drink at the Trump Tower.' That's what we're trying to tap into."

The interest on Trump developments might be fizzling out in the United States but India is basking in the luxury the building promises to offer.