Whiteland Corporation, a realty firm, is set to develop a luxury housing project in Gurugram and has also partnered with hospitality brand Marriott International to manage the property. The firm will be investing around Rs 5,600 crore in the project.
Gurugram will now have ‘Westin Residences’ after Whiteland Corporation has signed an agreement with Marriott International.
The 20-acre project will be developed in two phases with Marriott International coming in as a service provider.
“We are developing a branded residences project on Dwarka Expressway, Gurugram. We will build 1,600-1,800 branded homes in this project,” Whiteland Corporation founder Navdeep Sardana told reporters in Gurugram, Haryana.
The company would launch 674 branded residences in the first phase, he said.
Sardana informed that the price per unit will be not less than Rs 5 crore. He further added that the basic selling price would be more than Rs 20,000 per square ft.
When asked about cost of the project, Sardana said the investment will be around Rs 5,000 crore for construction. Rs 600 crore has already been invested by the company on land acquisition and approval costs.
The investments will be funded primarily through internal accruals.
Sardana said the demand for luxury homes across major cities, including Gurugram, remains strong and hoped that the company’s project would be successful.
He further informed that the company’s net debt is under Rs 200 crore.
Pankaj Pal, MD of Whiteland Corporation, said the company will be developing 20 lakh square feet area in the first phase while another 40 lakh square feet will be developed in the second phase.
“We have signed an agreement with Whiteland Corporation to introduce the first Westin Residences in India,” said John Hearns, Senior Vice President – Global Residential Operations at Marriott International.
The hospitality firm has signed one more JW Marriott branded residences project in Hyderabad.
Currently, Whiteland Corporation is developing five projects that include three housing and two retail real estate projects. The projects compirse of 45 lakh square feet of area. It is constructing more than 1,300 apartments in three housing projects.
Marriott International is a global brand with 134 operational branded residences projects globally and another 121 are under development.
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