Whiteland Ties Up With Marriot International For Rs 5,600-Crore Housing Project
The hospitality brand will be a service provider for the 20-acre project, which will be developed in two phases.
Whiteland Corp. is set to invest Rs 5,600 crore to develop a luxury housing project in Gurugram.
The housing project 'Westin Residences' will be developed and managed by Marriott International, towards which the real estate company has signed an agreement with the international hospitality brand.
"We are developing a branded residences project on Dwarka Expressway, Gurugram. We will build 1,600–1,800 branded homes in this project," Whiteland Corp. Founder Navdeep Sardana told reporters in Gurugram, Haryana.
Marriott International will be a service provider for the 20-acre project, which will be developed in two phases.
Sardana added that in the first phase, the company would launch 674 branded residences.
Whiteland Corp.'s Managing Director Pankaj Pal said that the company would develop 20 lakh square feet in the first phase and another 40 lakh square feet in the second phase.
The price per unit will be not less than Rs 5 crore, said Sardana, adding that the basic selling price would be more than Rs 20,000 per square ft.
Of the total project cost, Rs 5,000 crore will go towards construction, he said, while the company has already invested around Rs 600 crore towards land acquisition and approval costs.
The investments will be funded primarily through internal accruals.
According to Sardana, the demand for luxury homes across major cities, including Gurugram, remains strong and hoped that the company's project would be successful. He added that the company's net debt is below Rs 200 crore.
"We have signed an agreement with Whiteland Corporation to introduce the first Westin Residences in India," said John Hearns, senior vice-president of global residential operations at Marriott International.
The hospitality firm has also signed another JW Marriott branded residence project in Hyderabad.
Whiteland Corporation is developing five projects—three housing and two retail real estate projects—which combined comprise a 45 lakh square feet area. It is constructing more than 1,300 apartments in three housing projects.
Marriott International has 134 operational branded residences projects globally and another 121 are under development.
(With inputs from PTI)
