Trump organization going ahead with India projects signed before President came into office

October 29, 2017

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A street vendor in Kolkata, India. The Trump Organization is set to unveil a new luxury high-rise in this eastern Indian city, which has a population of 5 million. The new Trump-branded tower here will have units priced at $765,000 and under. (Photo: Annie Gowen, The Washington Post)

Donald Trump Jr., the son of the President plans to continue with two building projects in the near future in Kolkata and Gurgaon, according to The Washington Post.

The two projects were signed before President Trump was elected to office and according to the report, the Trump Organization lent its name to five project in India for high-end luxury residences, costing a maximum of $765,000 in Kolkata and starting at $1.8 million in Gurgaon, where an office is also planned; the other two are in Pune and Mumbai.

“We are long-term, extremely bullish on India,” the Trump Organization said in an emailed statement to The Washington Post. “The success of our existing projects and the strong inquiries that the teams are seeing from upcoming projects even before launch has been incredible. We are optimistic about the future and very proud of our existing presence in the market.”.6 million and $11 million in royalties over three years.

The family company of Maharashtra state lawmaker Mangal Prabhat Lodha is in charge of building the Mumbai tower; The Gurgaon project is in the hands of Basant Bansal, the co-founder of M3M India.

The Post cites an analyst’s report which it says shows the Kolkata project has 428 unsold units in the $460,000 range, and the Mumbai one has 17,478 units.