As the 2024 US elections approach, Donald Trump's connection with India remains strong, particularly through his global real estate empire. Tribeca Developers, led by Kalpesh Mehta, is planning to expand the Trump Towers brand in India, with four to five new projects slated for Pune, Gurugram, Hyderabad, and Mumbai by September 2024 [ae8bd0ff]. The first Trump Tower project in India was developed in Pune in collaboration with Panchshil Realty, followed by Trump Tower Mumbai, which was developed with Macrotech Developers [ae8bd0ff]. Despite the controversies surrounding Trump, the brand continues to hold significant appeal in India's luxury real estate market [ae8bd0ff].
Recent data indicates that India's luxury property market is experiencing a significant boom, with sales of properties priced at US$470,000 and above surging by 37.8% in the first nine months of 2024 [74c897f4]. Anshuman Magazine, chairman and CEO of CBRE, noted that this trend revitalizes the luxury housing market, particularly in major cities like Delhi-NCR, which recorded a remarkable 72% jump in sales, while Mumbai saw an 18% increase [74c897f4]. Notably, Mumbai accounted for half of the country's total luxury property sales, driven by local tech entrepreneurs and overseas investors of Indian origin [74c897f4].
The ongoing projects include developments in Kolkata and Gurugram, and Tribeca's The Edge project in Mumbai has reported strong sales, with homes priced between ₹4 crore and ₹12 crore [ae8bd0ff]. Furthermore, Tribeca plans to launch a second tower in January 2025 and is considering a potential new Trump Tower in Matunga, Mumbai [ae8bd0ff]. Anuj Puri from Anarock has noted that the outcome of the US elections could significantly impact the Indian real estate market, indicating a close link between political developments in the US and real estate trends in India [ae8bd0ff].
In the context of the Palm Beaches, Florida, the area is experiencing a real estate boom, with luxury properties in high demand and prices soaring [dd7d4d3a]. The average sale price of homes in Palm Beach has surpassed $20 million, making it the most expensive market in the country [de8e064d]. This boom is contributing positively to the local economy and has outperformed the national average by about 14% [de8e064d].
Simultaneously, polling trends indicate that Donald Trump is perceived as the most electable candidate for the upcoming presidential election, performing better against Joe Biden and other Republican candidates, particularly in swing states [dd7d4d3a]. Voters are reflecting on their past experiences with both Trump and Biden as they make their electoral choices [de8e064d]. The demand for luxury homes in India is expected to remain strong, with Tribeca Developers looking to add more projects under both the Tribeca and Trump brands [a3a87f0b].