Super luxury realty players are taking a cue from global FMCG players in customising their product offerings to serve Indian sensibilities.
American realty brand Donald Trump said the company will localise its offering for the Indian market as it looks to spread its footprint in residential and hospitality segments.
Tribeca Developers, exclusive India representative for developing Trump branded residential, hotel, multi-purpose and golf course projects in India, said that the localisation aspect has been initiated specifically for the Indian market keeping the sheer Indian diversity in mind.
“Global line of luxury needs to be tweaked for the Indian use. Though the architecture will follow the international standard, we are working on both design and non-design aspect to localise the product offerings,” Kalpesh Mehta, Partner, Tribeca Developers, said.
Mehta said architects from India will be roped in and sent to New York for “cross-pollination of ideas” in design and non-design elements.
For instance, the way Indians use their kitchen and store their groceries is different from other nations. Indian developers are also seeking high Trump involvement unlike in other markets, he added.
Realty mogul Donald Trump’s estimated worth according to Forbes is $2.9 billion, and has also accorded top priority for the Indian market. The company typically works on a royalty fee.
Industry sources said the association fee could range from 5-7 per cent of the total project cost.
In India, Trump Organisation has a tie-up with Pune-based Panchsil Realty to set up a super luxury project. The brand is now looking for similar tie-ups to enter NCR, Mumbai, Bangalore, Chandigarh and Goa market, among others.
Mehta said that the company is in discussions with several players to expand its presence. “Last year, the concept of branded homes had few takers. But since then enough branded properties have been launched and customers are willing to pay.”
A property with a Trump stamp can cost anywhere from Rs 35,000 per sq ft to up to a lakh, Mehta added.