Trump's Withdrawal Affects Indian Realty Project Too

The Trump Organization has cancelled MoUs with real estate developers in several countries, including India, ahead of US President-elect Donald Trump’s inauguration day on January 20.

New Delhi (Sputnik) — Days ahead of his inauguration, US President-elect Donald Trump has abandoned his business plans with realty projects in several countries, including India.

Multiple US media sources quoted Trump’s attorney Alan Garten as saying the Trump organization has cancelled MoUs for projects in India and many other places across globe. The moves comes days after the US real estate mogul’s organization called off licensing deals for hotels in Brazil, Azerbaijan and Georgia.

Panchshil Realty, a Pune-based real estate developer, has dropped plans for a second project with the Trump organization.

“We dropped the project long back as the environment in Pune is not conducive for sale of luxury projects,” claimed Atul Chordia, chairman, Panchshil Realty. The group is now focusing on commercial projects rather than residential, as Indians are inclined towards affordable projects instead of luxury high-end properties, a hallmark of Trump Organization.

The US President-elect was reportedly impressed by the sample flat on the first floor of the 23-floor Trump Towers built by Panchshil Realty in Pune’s Kalyaninagar area.

Trump reportedly has stakes in approximately 500 companies across about 20 countries, according to his associates.

Post elections, Trump’s critics have cited potential conflict of interests due to Trump’s business interests and presidential responsibilities.

While the US President-elect has indicated that his businesses are no longer important for him, the controversy keeps cropping up. In a tweet in December, Trump said that his organization will be taken over by two of his children, Eric and Donald Jr and other executives.