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Time of India
6 days ago
- Business
- Time of India
Tier-II slowdown: New housing supply dips 35% in Q4, developers shift focus to premium homes amid funding squeeze
New housing launches in India's top 15 tier-II cities declined sharply by 35% in the January–March quarter, as developers recalibrated their strategies amid rising costs and selective demand, real estate consultancy PropEquity said on Monday. Tired of too many ads? go ad free now The number of new residential units dropped to 30,155 from 45,901 a year ago, marking a significant supply contraction across key regional markets. 'The decline in supply is a result of cautious approach and shifting priorities by developers. Financially robust players are now focusing on premium housing to improve profit margins,' said Samir Jasuja, Founder and CEO of PropEquity, as quoted PTI. Among the cities tracked, Ahmedabad saw the largest absolute volume drop — down 35% to 11,096 units from 17,108 units a year earlier. Surat recorded a 39% fall, while Jaipur saw a 55% plunge. Bhubaneshwar and Trivandrum experienced some of the steepest declines, dropping 72% and 71% respectively. Other cities with major cuts in supply included: Lucknow: down 55% to 1,026 units Mangalore: down 64% to 269 units Bhopal: down 51% to 365 units Kochi: down 49% to 225 units Nagpur: down 28% to 1,036 units Vadodara: down 23% to 2,149 units Goa: down 24% to 444 units Gandhinagar: down 10% to 4,356 units Nashik: down 2% to 2,466 units Coimbatore was the only city to buck the trend, with new supply more than doubling to 1,077 units, up from 475 last year. Rajat Khandelwal, Group CEO of Tribeca Developers, attributed the shift to 'rising input costs, tighter funding, and selective demand in these markets,' adding that developers were becoming more deliberate about launch pipelines. Kirthi Chilukuri, Founder and MD of Stonecraft Group, said the contraction signals a transformation phase. 'This marks a turning point that holds immense potential. We see it as an opportunity to pioneer sustainable, biophilic housing that aligns with modern living,' he said. Vijay Harsh Jha, Founder of VS Realtors, noted a shift in demand toward higher-end properties. 'Tier-II cities are moving toward premiumisation. Homes priced at Rs 1–2 crore are in demand, while those around Rs 50 lakh are seeing slower movement — a concern given the inflow of job-seekers in these cities,' he said. Despite the short-term contraction in supply, Jha said the broader real estate sentiment in tier-II cities remains strong. 'This is a temporary correction,' he added.
Mint
02-06-2025
- Business
- Mint
The Trump Organization has expanded globally since the 2024 election. See where.
President Trump pledged to bring business back to the U.S. His own company has been doing more business overseas than ever before. Since the November election, the Trump Organization, the family's flagship real-estate firm, and its partners have publicly announced 12 international projects including residential high-rises, hotels and golf courses—far outpacing the two overseas deals announced during his first administration. The Trump Organization released an ethics agreement in January barring the company from doing business directly with foreign governments. Yet several of the deals involve foreign governments, especially in the Middle East. The Trumps say there is a crucial distinction. The company isn't transacting directly with foreign governments. Rather, some of the Trump deals are joint ventures with companies that are doing business with foreign governments. The 12 developments were under contract before November, according to a Trump representative. Since Trump's re-election, however, company executives say international partners are more eager to do business because the Trump name is now associated with his victory. 'We're the hottest brand in the world right now," said Eric Trump, the president's son who is running the Trump Organization on a day-to-day basis. State-backed entities have also been involved in several recent Trump deals in the Gulf region, including a resort featuring luxury villas with private beach access in Qatar. The real-estate company is expanding beyond the property business, striking a $2 billion cryptocurrency deal with the United Arab Emirates state fund in May. 'I think everybody knows that these countries are giving money to Donald Trump because they think they'll get favorable treatment in exchange," said Sen. Chris Murphy, a Democrat from Connecticut and former chairman of the Senate Foreign Relations Middle East subcommittee. White House deputy press secretary Anna Kelly said, 'The President is working to secure good deals for the American people, not for himself." In the past six months, the Trump Organization ramped up its real-estate ventures in India, launching two projects with its longstanding partner, Tribeca Developers. Tribeca also announced plans for three more Trump-branded projects in the country. Tribeca Developers founder Kalpesh Mehta, who first met Donald Trump Jr. through a mutual Wharton professor, has maintained close ties with the Trump family since at least 2013, according to local media reports. He attended both of Donald Trump's inaugurations and dined with the family at Mar-a-Lago, including a private dinner this past January. Since November, Mehta has stated in local publications that demand for Trump properties has sharply increased across the country. In May, Tribeca and the Trump Organization announced a record-breaking over $300 million in sales after selling out a second Trump Residences Delhi on launch day. Neither Mehta nor Tribeca Developers responded to requests for comment. The Trump Organization's international expansion largely hinges on a licensing model: It collects fees for its brand and management services, rather than committing its own funds to the projects. Donald Trump's latest financial disclosure shows more than $9 million from six overseas licensing agreements between January 2023 and August 2024. Since the November election, the Trump Organization has unveiled twice as many deals. Donald Trump Jr. and Eric Trump have made at least nine overseas trips to a dozen countries since November—many tied to Trump Organization ventures—including a swing through Eastern Europe that Donald Jr. promoted as 'Trump Business Vision 2025." Along the way, he dined with prime ministers, spoke at cryptocurrency events, and touted to local media that the Trump Organization desired to explore new partnerships abroad. During Trump's first administration, by contrast, the company gave priority to existing operations, debt reduction and cash reserves. The lower profile overseas also avoided appearances of conflicts of interest, according to Donald Trump's 2023 deposition during his civil court battle with New York Attorney General Letitia James. Trump said he told his children: 'Don't do deals. We don't need deals…We have a lot of property. They're great properties. Run them." Eric Trump said in an interview in October that the company was reconsidering that approach because it wasn't given sufficient credit for its pullback in the first Trump administration. 'Should I stop all expansion? I don't know what the answer is. I tried to do everything right in 2016, and I got very little credit for it," he said of efforts to distance the newly elected president from the company. 'We still kind of got stomped on." Write to Brenna T. Smith at Peter Grant at and Daniel Kiss at
Indian Express
17-05-2025
- Business
- Indian Express
Trump Residences in Gurgaon: All 298 ultra-luxury units sold out on day 1, project sees sales worth Rs 3,250 crore
The demand for ultra-luxury housing in Delhi-National Capital Region (NCR) has taken new heights with all units in Trump-branded residential project in Gurgaon getting completely sold out on the first day of its launch, May 13. As many as 298 units priced between Rs 8 crore and Rs 15 crore, including four penthouses valued at Rs 125 crore, in Trump Residences on Southern Peripheral Road in Sector 69 were sold out, with the developers recording sales worth ₹3,250 crore. The project comprises two 51-storey towers, the construction of which is yet to begin. Trump Residences, the second such project under the brand name in North Inda, has been developed by Smartworld Developers in partnership with Tribeca Developers and The Trump Organisation. Smartworld is overseeing the construction and customer service for the development, while Tribeca is leading the design, sales, and quality control. Tribeca Developers has brought the licence to Trump-branded projects in India. The first project – Trump Towers Delhi NCR, also located in Gurgaon, was launched in 2018 and is expected to be delivered later this month. The Trump Towers is located in Sector 65, Gurgaon. 'The phenomenal response to Trump Residences is a testament to the aspiration for world-class living in India. Smartworld is proud to lead the delivery of this landmark project, and we thank our buyers for their trust in our vision,' Pankaj Bansal, founder of Smartworld Developers, said. 'Selling Rs 3,250 crore on Day 1 places this among the biggest luxury deals the country has ever seen. This launch proves the unmatched magnetic pull of the Trump brand and how deeply it resonates with India's most discerning buyers,' Kalpesh Mehta, founder of Tribeca Developers, said. The Trump Organisation was founded in 1927 by Frederick C. Trump, Donald Trump's grandfather. It was later expanded significantly by Donald Trump, currently the President of the United States, who took control in the 1970s. In 2017, Trump handed over the reins of the company to his sons, Donald Trump Jr. and Eric Trump, who currently serve as Executive Vice Presidents in the company.
The Print
15-05-2025
- Business
- The Print
Trump Residences sold out on day 1 of Gurugram launch; record bookings worth Rs 3,250 crore
Online bookings opened on 13 May. The ultra-premium penthouses, worth Rs 125 crore, were also fully allotted, the developers said in a statement. Smartworld Developers and Tribeca Developers, partners of The Trump Organisation in this project, said they saw 'record' bookings worth Rs 3,250 crores at Trump Residences. Gurugram: Amid the controversy over US President Donald Trump's claims that he brokered a 'ceasefire' between India and Pakistan, Trump Residences in Gurugram sold out completely on the first day of the launch, with its Indian partners calling it a 'landmark moment for India's luxury market'. The real estate venture, located in Sector 69 along Southern Peripheral Road and Golf Course Road Extension, is Trump's sixth residential project in India and second in Gurugram alone. Despite construction still being in progress, the 129 luxury apartments priced between Rs 8 crore and Rs 15 crore have already been booked. The 51-storey twin towers will feature 12 lakh square feet of saleable area with base prices starting at Rs 27,000 per square foot. It was not immediately clear when the construction will be completed. The project showcases distinctive architectural elements, including floor-to-ceiling glass walls, double-height living rooms, private elevators, and panoramic views of the Aravalli hills. It will also house India's first aquarium bar with an integrated restaurant, the developers said. 'The phenomenal response to Trump Residences is a testament to the aspiration for world-class living in India. Smartworld is proud to lead the delivery of this landmark project, and we thank our buyers for their trust in our vision,' Pankaj Bansal, Founder of Smartworld Developers, told ThePrint, Thursday. Kalpesh Mehta, Founder of Tribeca Developers, echoed similar sentiments, describing the project as 'not just a real estate project—it's a landmark moment for India's luxury market'. He attributed the success to 'the unmatched magnetic pull of the Trump brand' and how it resonates with India's high-end buyers. According to the arrangement, Smartworld will oversee development, construction, and customer service, while Tribeca has taken the lead on design, marketing, sales, and quality control for the project. This represents the second Trump-branded residential development in northern India. The first, Trump Towers in Delhi-NCR, launched in 2018 in Gurugram, is also fully sold out and scheduled for delivery later this month. In April this year, the Tribeca Developers founder, Kalpesh Mehta, announced that either Donald Trump Jr. or Eric Trump, sons of the current US president, could soon travel to India to oversee progress on the Trump Tower project in Gurugram. The Trump family has maintained connections with their Indian real estate ventures, with Donald Trump Jr having made visits to the country in 2018 and 2022. (Edited by Sanya Mathur) Also Read: US pushes for direct India-Pakistan talks, 'dealmaker' Trump ready to aid 'pursuit of peace'
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Business Standard
13-05-2025
- Business
- Business Standard
Trump Residences in Gurugram sells out in a day for Rs 3,250 crore
Trump Residences in Gurugram, the second Trump-branded residential project in the city, has sold out on its launch day, recording ₹3,250 crore in allotments. Priced between ₹8 crore and ₹15 crore per residence, the development's 298 homes were sold within a month of its launch. The developers stated this absorption reflects the surging demand for branded, ultra-luxury living in India. Tribeca Developers, the licensed partner for the Trump Organization in India and Smartworld Developers are jointly developing the project. The companies added that the project's four ultra-premium penthouses, valued at ₹125 crore, were also fully allotted. The project, comprising two 51-storey towers and 1.2 million square feet in Gurugram Sector 69 is estimated to be finished within five years of its launch. The investment in the project is around ₹1,200 crore, according to people in the know. 'This project marks the second Trump-branded residential development in North India. The first Trump Towers in Delhi NCR, which launched in 2018 in Gurugram, is also fully sold out and set for delivery later this month,' the companies stated. Kalpesh Mehta, founder of Tribeca Developers, said that this launch proves the magnetic pull of the Trump brand and how it resonates with India's most discerning buyers. 'The existing Trump project in Gurugram has around 25 to 30 per cent NRI participation, which is very high for luxury projects of this ticket size,' Mehta said.
