Lodha Group plans to resume sales
Lodha Group plans to resume sales at Trump Tower Mumbai after a post-election hiatus, providing a test for India’s languishing luxury home market, and the U.S. president’s brand.
Lodha, one of India’s largest property developers, will resume marketing apartments in the 75-story development in the next few months, said Abhishek Lodha, managing director of the privately held firm. The building is about 60 percent sold and on target to be completed in 2019, he said.
“We made a conscious decision to not sell in the immediate aftermath of his win because we didn’t want to be seen as taking advantage of the changed political circumstances,” Lodha said in an interview at the company’s offices in Mumbai. “We will start sales in June or July and we’ll know better then.”
Enthusiasm for the Trump brand has faded in some parts of the world since Donald Trump was elected president as he moved to enact controversial policies, including a travel ban on several predominantly Muslim nations. He’s also sought to restrict H1-B visas, which are used in large numbers by Indian companies and outsourcing firms.
The March opening of a Trump hotel in Vancouver was marked by protests, and a Trump residential tower in Toronto put up for sale after its developer defaulted attracted no bidders apart from its debt holder. Some government ethics experts argue that Trump should sell his business to avoid any risk that his policy could be seen as driven by his family’s corporate concerns, though the law doesn’t require that.