MUMBAI/NEW YORK : A Trump Tower developer in Mumbai, India’s financial hub, is shifting focus to cheaper apartments and office space as a credit squeeze crimps demand for posh properties. Macrotech Developers, earlier known as Lodha Developers, will cut the share of premium housing from its portfolio to about 17% from 30%, said Managing Director Abhishek Lodha. It is something which we need to watch more carefully now than we would even 18 months ago." The company has sold almost 80% of the apartments in the 78-story Trump Tower that it is developing in south Mumbai. The luxury homes -- priced at 75 million rupees ($1.1 million) or more -- will be handed over to buyers starting December, Lodha said.

Source: Mint October 21, 2019 19:30 UTC