Whiteland Corporation and Marriott International in a joint venture plans to introduce a luxury residential project in Gurugram. The Delhi-NCR-based Whiteland Corporation together with the leading hospitality chain looks ahead to investment worth Rs. 5000 crore.
Navdeep Sardana, founder of Whiteland Corporation said, the luxury housing project will be in Gurugram Sector 103 under Westin Residences. It will be developed on a mega land parcel of 20-acre and construction for the same will take place in two phases.
The project has a development potential of 6 million square feet and is estimated to have 1600-1800 residential units. In the first phase, there will be 674 houses and it will be launched in the second phase of the current fiscal year.
Sardana to a leading news portal said, “The first phase will have a development potential of 2 million sqft while the second phase will have 4 million sqft development potential. The total tentative investment including the land cost is likely to remain above Rs. 5,000 crore. The tentative top line including both phases is likely to be above Rs. 15,000 crore.”
He further said, the land is fully paid up and the investment will be through internal accruals and debt if required.
Pankaj Pal, Managing Director, Whiteland Corporation said, “These would be the first standalone Westin Residences in India. These will be luxury branded residences and the tentative starting ticket price is likely to remain around Rs. 5 crore, depending on the floor and size of the property.”
This luxury residential project will have three and four-bedroom apartments in distinct sizes of 2529 sqft – 4154 sq. ft.
Marriott International expressed its delightfulness about the joint venture. John Hearns, Senior Vice President, Global residential Operations, Marriott International said, “We are delighted to have signed an agreement with Whiteland to introduce the first Westin Residences to India.” He also said, Whiteland’s commitment to excellence combined with Marriott’s global experience in operating branded residences would set a benchmark in premium living in India. Marriot Group said the first phase of the project will be delivered in the next five years from the launching date.
