Trump projects shelved as developers walk out

Trump Organization USA Llc.'s projects in Bangalore and Mumbai still remain on paper, two years after the entry into the Indian property market.

While the Bangalore project has been delayed because of the economic slowdown and the resulting cash crunch, a developer associated with the Mumbai project admits that he walked out of it because he saw no value in it.

The Bangalore and Mumbai projects, which involved the development of luxury hotels and condominiums, were to be the first of a number of Trump Towers in Mumbai, New Delhi and Bangalore.

In 2007, Donald Trump Jr had expressed his wish to build iconic towers in the city (and in Bangalore), riding high on the country's then ongoing property boom. Since then, the bottom has fallen out of the real estate market.

Trump Organization's first project in India, the signature Trump Tower in central Bangalore, may be on the verge of being shelved.

In Mumbai, the company was in advanced talks with a South Mumbai developer to build a 50-storeyed hotel-cum-residential project in the southern part of the city. After several rounds of negotiations and the creation of a draft memorandum of understanding, the developer is believed to have walked out.