Trump Tower to Come Up in Mumbai
Similar to New York in United States of America, Mumbai is all set to get a Trump Tower. Donald J. Trump, one of the world’s most renowned billionaire investors, has tied up with the Lodha Group for developing this tower. The commercial and residential tower will be built in South Mumbai.
The Mumbai Trump Tower
The over 800 ft high tower will be a part of Lodha’s newly launched 17.5 acre project in The Park, Worli, Mumbai. Lodha group will be the owner, developer and promoter of Trump Tower. It will however use the Trump brand for promotion and sales. The tower will be one of India’s most luxurious residential tower. The tower will be built in accordance with the luxurious aesthetics, the Trump brand is known for.
The tower is surrounded by 7 acre park. The tower is 800 ft tall and gives a stunning view of the Arabian Sea. It is a 77 storey tower with over 460 apartments. The tower has 3, 4 and 5 bedroom apartments. The company has gained the required permissions for the construction of the project and construction will begin soon. The project is expected to be completed in 2018.
Apartment Prices
The residential tower is already gaining much interest. Bookings are expected to begin in the coming months. Prices are expected to be over Rs. 8 crore for a 3 bedroom apartment and over Rs. 10 crore for a 4 bedroom apartment.
Impact on prices in Worli
Worli is an upscale suburb in South Mumbai and one of the most expensive suburbs in Mumbai. Covered area of a 3 BHK property is between 2,600 – 3,900 sq.ft while the covered area of a 4 BHK property is between 3,600 – 5,000 sq.ft. Property rates in Worli are at an average of Rs. 36,700 per sq.ft. The rent of a 3 BHK property ranges between Rs. 80,000 – 3.75 lakhs. The rent of a 4 BHK property is between Rs. 1.3 lakhs – 6 lakhs. A 3 BHK property costs between Rs. 7 – 14 crore and a 4 BHK property in Worli costs anywhere between Rs. 12.5 – 19 crores.
With an ultra luxury apartment of international standards coming up in Worli, the prices of residential apartments in the upper middle class segment is in no doubt set to escalate.
