The first phase, consisting of 674 exclusive residences, will be launched in the second quarter of this financial year.
Delhi-NCR-based real estate developer Whiteland Corporation has joined hands with hospitality chain Marriott International to develop luxury homes in Gurugram with a tentative investment of more than Rs 5,000 crore.
Whiteland Corporation will develop and Marriott International manage the luxury housing project under Westin Residences.
The project would be developed on a 20-acre land parcel in Sector 103 along the Dwarka Expressway in two phases, Whiteland Corporation founder Navdeep Sardana said on July 4.
Westin Residences Gurugram, which has a development potential of 6 million square feet, will have around 1,600-1,800 homes.
The first phase, consisting of 674 units, will be launched in the second quarter of the current financial year.
“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,” Sardana told Moneycontrol.
The land is fully paid up and the investment will be through internal accruals and debt if required, he said.
These would be the first standalone Westin Residences in India, Whiteland Corporation managing director Pankaj Pal said.
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“These will be luxury branded residences and the tentative starting ticket price is likely to remain around Rs 5 crore and above, depending on the floor and size of the property,” Pal said.
These will be three- and four-bedroom homes, with an area ranging from 235 square metre (2529 square feet) to 386 sqm (4154.8 sqft).
“We are delighted to have signed an agreement with Whiteland to introduce the first Westin Residences to India,” said John Hearns, senior vice president, Global Residential Operations, Marriott International, 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, he said.
Trinh Quynh Phuong, vice-president of mixed-use development Asia Pacific (excluding China) at Marriott International, said Westin Residences Gurugram would be the biggest standalone branded residences globally managed by Marriott.
The first phase of the project is likely to be delivered in the five years from the launch, the company said.
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