Pune project dumped by Trump

WASHINGTON/PUNE: US President-elect Donald Trump is reported to have jettisoned his association with realty projects in several countries, including one in India, that attracted intense scrutiny soon after his election.

The Trump organisation will discontinue “exploratory” talks over projects in Pune and in Buenos Aires, Argentina, the President-elect’s attorney Alan Garten was quoted telling US media outlets on Thursday. Earlier, the Trump Organization had called off licensing deals for hotels in Brazil, Azerbaijan and Georgia.

Real estate developer Panchshil Realty said the plan for a second project with Trump Organization in Pune had been dropped long back. “We dropped the project long back. The environment in Pune is not conducive for sale of luxury projects. Nobody buys a Rs 20 crore flat here,” said Atul Chordia, chairman, Panchshil Realty. He said the group has begun focusing more on commercial real estate.

In August 2014, impressed by the sample flat on the first floor of the 23-floor Trump Towers built by Panchshil Realty in Kalyaninagar in Pune, Donald Trump had said his organisation could be open to future investments in the city. “I don’t know what happens now with so many questions raised. Yes, he was interested at that point. Now we don’t know what will happen,” said Sagar Chordia, Atul’s brother and director of the group.

Soon after Trump’s election, the Chordias, along with long-time Trump associate Kalpesh Mehta, visited New York. “It was just a congratulatory meeting,” Atul said. Trump is said to have stakes in approximately 500 companies across about 20 countries, according to his associates. Soon after the election, the Trump Organization said that it was “in the process of vetting various structures” for the transfer of its management and portfolio to the president-elect’s children, but there have been no details forthcoming since then.

Asked if the president-elect’s organisation had informed them about the changed plan, Atul Chordia said, “Since there were no project talks, the question does not arise.” The Trump websites still listed the Pune project as of Thursday morning.

Credits ET Realty

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