New Delhi, Jul 4 (PTI) Realty firm Whiteland Corporation will invest around Rs 5,600 crore to develop a luxury housing project in Gurugram and has tied up with hospitality brand Marriott International to manage this property.
Whiteland Corporation signed an agreement with Marriott International to bring ‘Westin Residences’ to Gurugram.
Marriott International will be a service provider in this 20-acre project, which will be developed in two phases.
“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.
He said the company would launch 674 branded residences in the first phase.
The price per unit will be not less than Rs 5 crore, he said, adding that the basic selling price would be more than Rs 20,000 per square ft.
Asked about project cost, Sardana said the investment will be around Rs 5,000 crore for construction. The company has already invested around Rs 600 crore 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 said the company’s net debt is below Rs 200 crore.
Whiteland Corporation MD Pankaj Pal said the company would develop 20 lakh square feet area in the first phase and another 40 lakh square feet 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.
Whiteland Corporation is developing five projects — three housing and two retail real estate projects — comprising 45 lakh square feet of 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. PTI MJH MJH SHW SHW
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