The Delhi-NCR project by global real estate brand Trump Towers is the fourth Trump Tower project in India after Pune, Mumbai, and Kolkata. In Pune, the global brand has licensed the Trump name to Panchshil Realty, in Mumbai to Lodha Group and in Kolkata, the Trump Organisation has partnered with Unimark Group to build a 400,000 sq ft residential project with the signature Trump Tower on the city’s EM Bypass stretch. Kalpesh Mehta, founder and managing partner of Tribeca Developers, tells Vandana Ramnani in an exclusive interview with Moneycontrol that the brand hopes to generate roughly over a billion dollars (Rs 6,500 crore approximately) in terms of sales potential from all its properties in India.

He also speaks about Tribeca’s other plans in India. Tribeca is the luxury real estate developer and the exclusive India representative of the Trump Organization. The company has tied up with Yoo, a London-based property designer firm, for a project in Noida. It is also planning to come up with a mid-income, trendy houses project meant for young people in Mumbai.

Q: This is the fourth Trump Towers project in India. Can you tell us more about the fourth project in Delhi NCR?

This is over a million square feet of luxury residential development on Golf Course Extension Road in Gurugram. The towers are about 200 metres tall. We have about 250 units and some of the best luxury amenities that one could think of. Each residence will have private elevators that open directly inside the house. The floor to ceiling heights is 3.75 metres, some of the largest and highest in the market. We have 35,000 sq ft of amenity area for just 250 families. We have private elevators that open directly inside the apartments. This is an all-glass building that rises 600 feet in the air that is going to be seen from everywhere.

Q: When is construction likely to begin?

Construction is expected to start in the first quarter of this year.

Q: And this is a project which is being launched after Real Estate (Regulation and Development) Act (RERA) compliance?

Yes, all RERA approvals are in place. RERA ensures that every approval is in place.

Q: What would be the costing like? Have you worked on it?

The total project cost should run between Rs 1,000 crore and Rs 1,200 crore excluding land.

Q: What is the square footage that you are offering per apartment?

We have three sizes. Roughly a third of our units are 3,500 sq ft, three bedrooms. Roughly a third of the units are 4,500 sq ft, four bedrooms. And the last third are 6,000 sq ft, four bedroom with double height living spaces, almost 22 feet high living spaces in almost a third of our units.

Q: These are yet another branded residences being launched in the country. So in a market like today, where do branded residences actually stand, how are they doing or how are they likely to do?

Every brand is different. As you know, India is now the largest market for Trump outside of North America. We started with projects in Pune. The first one is already delivered. And we had a project in Mumbai, 75-storey tower. That has done exceptionally well in terms of sales. Just a few months ago, we launched a project in Kolkata where we sold close to 65 percent of the total inventory in just two months. I will not comment on other brands, but I think the Trump brand has done exceedingly well in India, again marked by the latest success of Kolkata. Beyond the brand, the product is key and the pricing and the sizing is what is extremely important. We are pricing our units at between Rs 5 crore and Rs 10 crore here. You are never going to find a Trump property at those prices anywhere in the world. So this is an inaugural offer that we are offering to a limited number of buyers which is a similar strategy that we followed in Kolkata which led to sales that even we did not expect. So I think the branded residences segment in India does fine if you have done the right product and you have the right partners and you are focusing on deliveries.

Q: The due diligence that a buyer who goes in for branded residence would obviously be a little different from what a buyer who is buying something like a Rs 50 lakh-1 crore house would? So the concerns of buyers going for a Rs 50 lakh-1crore house is generally to do with whether I will get my house on time, whether the house will be delayed, etc. What are the concerns that homebuyers who book such premium branded apartments have?

It is a very interesting question. What we have seen is people who are believers in the brand. They convert very quickly. In Kolkata, our average sales cycle was 1.7 visits. What that means is that on average, people took roughly about two meetings to buy. For a Rs 4-5 crore property, that is extremely short. So these are people who were well aware of the Trump brand. They knew what the brand stood for. They knew what the quality was going to be and they were very quick decision makers. Any meetings that went beyond three or four meetings, they did not revert. So, people have, people are deploying much more in a branded residence like Trump, but I think they come well prepared and well aware of what they can expect and they move very quickly.

Q: What about the total revenue generation from all the four Trump properties that have been launched in the country so far?

Roughly, I would say it is well over a billion dollars in terms of total sale potential of all the Trump properties in India. Yes, substantially over a billion dollars.

Q: What about Tribeca's plans? Tribeca has got in Trump Towers and there were also plans to get in Yoo. What are the other companies that you are working with?

We have already tied up with Yoo out of London for a project here in Noida. And beyond that, we are about to announce a platform with a large India financial institution to look at residential development platform that is primarily Mumbai-focused. We will announce that soon. We have the Trump business, then we will do other brands and then there will be mid-income, very cool, trendy houses for young people that we will be developing in Mumbai. That platform will be around soon with a large Indian financial institution.

Q: There is also talk about student housing doing very well in India, maybe towards the second quarter. Does your brand intend on getting into student housing?

We are not looking at student housing, but we have a very interesting product for the metros. That is not for students because it is actually for the younger people who have moved into a city between 22 to 35-year-olds who cannot currently afford housing because the sizes are too large and the pricing is out of whack. So, what we have done is come up with a product where your EMI will be roughly equal to your rent. So the ability to buy is much higher.

Q: So are these shared residences where you buy a room and then you share the dining space?

No, these are standalone units.

Q: When are you planning to launch it?

Hopefully, the first one will get launched also towards the end of Q1 or early Q2.