New Delhi: Real estate company Whiteland Corporation will invest around Rs 5,000 crore to develop a luxury housing project in Gurugram and has partnered with hotel brand Marriott International to manage this property.
Whiteland Corporation has signed an agreement with Marriott International to bring 'Westin Residences' to Gurugram.
Marriott International will be a service provider on this 20-acre project, which will be developed in two phases.
"We are developing a branded residences project at Dwarka Expressway, Gurugram. We will build 1,600 to 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 per unit price will not be less than Rs 5 million, he said, adding that the basic selling price would be more than Rs 20,000 per sq ft.
When asked about the cost of the project, Sardana said, "The investment will be around Rs 5,000 crore."
The investments will be financed mainly through internal provisions.
Sardana said the demand for luxury homes in major cities, including Gurugram, remains strong and he hopes the company's project will be successful.
He said the company's net debt is below Rs 200 crore.
Whiteland Corporation Managing Director Sanjay Pal said the company would develop an area of 20 lakh sq ft in the first phase and another 40 lakh sq ft 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 of global residential operations at Marriott International.
The hotel company has signed one more JW Marriott branded residence project in Hyderabad.
Whiteland Corporation is developing five projects (three housing and two commercial real estate) comprising an area of 45 lakh square feet. It is building more than 1,300 apartments in three housing projects.
Marriott International has 134 operational branded residence projects worldwide and another 121 are in development.
Whiteland Corporation has signed an agreement with Marriott International to bring 'Westin Residences' to Gurugram.
Marriott International will be a service provider on this 20-acre project, which will be developed in two phases.
"We are developing a branded residences project at Dwarka Expressway, Gurugram. We will build 1,600 to 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 per unit price will not be less than Rs 5 million, he said, adding that the basic selling price would be more than Rs 20,000 per sq ft.
When asked about the cost of the project, Sardana said, "The investment will be around Rs 5,000 crore."
The investments will be financed mainly through internal provisions.
Sardana said the demand for luxury homes in major cities, including Gurugram, remains strong and he hopes the company's project will be successful.
He said the company's net debt is below Rs 200 crore.
Whiteland Corporation Managing Director Sanjay Pal said the company would develop an area of 20 lakh sq ft in the first phase and another 40 lakh sq ft 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 of global residential operations at Marriott International.
The hotel company has signed one more JW Marriott branded residence project in Hyderabad.
Whiteland Corporation is developing five projects (three housing and two commercial real estate) comprising an area of 45 lakh square feet. It is building more than 1,300 apartments in three housing projects.
Marriott International has 134 operational branded residence projects worldwide and another 121 are in development.
