Can a Golden Skyscraper Help Donald Trump Finally Make a Profit in India?
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Property developer Donald Trump and his son Donald Jr. have been extolling the virtues of the Indian real estate market for years, and have been linked to a several projects that were announced with fanfare and then either failed to get off the ground or have yet to be started.
I am proud to announce our newest project, Trump Tower Mumbai. Together with the Lodha Group, it will be incredible! http://t.co/Nt3BYffNdD— Donald J. Trump (@realDonaldTrump) September 16, 2013
The 800-foot high "gleaming golden edifice" will feature three, four and five-bedroom apartments at 8 to 10 crore rupees ($1.3 to $1.6 million) with jacuzzis and "seven-level security," set inside a seven-acre park in the heart of Mumbai. (Here’s the brochure, and a very tiny artist’s rendition of the building is here) It also won’t cost Trump a thing—the entire project "not owned, developed or sold by Donald J. Trump, The Trump Organization or any of their principals or affiliates," a press release explains. Instead, a subsidiary of India’s Lodha Group "is the owner and developer, and promoter of the property."
In early August, Trump pulled out of another Mumbai residential project with Rohan Lifescapes three years after work on it began, because the project had lost "its luxury tag," an unnamed source told The Mumbai Mirror. Permits granted to the project in October 2010 were subsequently withdrawn, the Mirror reported, because of “irregularities” in the permitting process, and even a 2012 visit to India by Donald Jr. couldn’t save it.
This post originally appeared on Quartz, an Atlantic partner site.