Donald Trump likely to make equity investment in second Trump Towers in Pune

PUNE: Real estate mogul Donald Trump is likely to invest in a yet-to be announced Trump Towers project which is currently being developed by Panchshil Realty in Pune. Trump, chairman & president, The Trump Organization, was in the city to unveil the Trump Towers show suite.

The project which was announced by Panchshil Realty in 2012 is likely to be completed over the next 8-10 months. Atul Chordia, chairman, Panchshil Realty said that given the response to the first Trump Towers, they were working on a second project. “This is currently at the drawing board stage and would be announced sometime next year,” he said, adding that it would be located somewhere along the river in Pune.

Trump said, “We are a very liquid company and I would expect to invest in this new project. We have a great relationship with the Chordia family and would want to work together on other things.” The new project is expected to be significantly larger than the current one and likely to fit the size requirement needed to allow FDI.

The current project is about 85% complete, and the company has sold 70% of the inventory in the first tower. Once completed, it would comprise 46 apartments of 6,000 sq ft each, spread over two buildings, with one apartment per floor.

If the second project goes through, it would be the second project that The Trump Organization would be doing with Panchshil Realty and their third in India.