We've a self-imposed rule not to do any deal for 5-6 yrs: Trump Jr

Donald Trump Jr, son of US President Donald Trump and executive vice-president of real estate firm Trump Organisation, on Wednesday said a self-imposed rule is in place that does not allow entering into any new deals for the next 5-6 years due to his father's presidency.

Trump Jr, the eldest son of the US President, is in the city where an ultra-luxury Trump Tower residential apartments is coming up in association with three Indian real estate players - Unimark, Tribeca and the RDB Group.

"Over the next 5-6 years, we self-imposed a rule of not to do any deal," Trump Jr said during a media interaction here.

He said the Trump Organisation has been looking at numerous deals in India; of which 5-6 could have fructified, had it not been for the self-imposed rule.

"But we had to turn them down because of my father. We could not sign any deal. It is a shame for me because I had been fostering and building relationships with a number of businessmen here. But that is understandable," he said.

Apart from Kolkata, the Trump Organization has luxury real estate projects in Delhi-NCR, Pune and Mumbai.

"I had been coming to India since a decade when I was in the late twenties. Now I am 40. I learnt the hard way of doing business in India. But now I am really excited about the market here," he added.

He said there is little doubt about long-term prospects in India.

"But we are excited to come back eventually to India at an appropriate time," Trump Jr said.

Saying that the Trump Organisation is purely a real estate company with interests in hospitality, golf courses and resorts.

Trump Jr said he would love to look at the hospitality sector to expand the portfolio in India. "Understandably, it may happen later on and not right now," he said.

Talking about reforms in the real estate sector in India, he said "these were important and needed to take place".

Refusing to speculate about the future of the market, he said "the market dynamics are changing. In the next 3-7 years, we will see a lot of change".