Marriott International and Whiteland has signed a deal to develop one of the biggest Branded Residence in Gurugram, Dwarka Expressway. The deal has been facilitated with the assistance of SKYE Hospitality, an end-to-end hospitality and strategy solution brand, specializing in branded residences, hotels, and other facets of serviced living.
The mega project named as “Westin Residences” will be developed over a sprawling area of 20 acres and aim at delivering 1600-1800 apartments in total. Developed in phases, it will deliver 674 units in the initial phase. The cumulative cost of the project has been pegged at around ~ INR 5,600 crores, making it one of the biggest branded residence projects in the country.
Both global and Indian branded residence segment is growing at a staggering speed. As per research by Marriott International, the global branded residence market has grown by 160% in the last 10 years. In separate research conducted by SKYE Hospitality, India has more than 2300 registered branded residences, comprising around 10% of the global supply. Both 5-star hotel chains and non-hospitality luxury brands are lured towards the fast-moving segment. These projects largely targeting the HNIs and UHNIs have an average ticket size in the range of Inr 9-10 crores.
“Branded residences will continue to grow and evolve in India. It is not just another trophy asset. Rather it aims at a certain lifestyle, which affluent Indians are carving for. These premium residences come up with curated top-tier services such as concierge, international-style clubs, holistic wellness, group fitness centres, swanky cafes, and much more. Likewise, owning such homes can also give you access to other superlative services such as, techno gyms, business lounges, wine clubs, modern libraries, and much more.” Quoted Mr. Ankit Kansal- Managing Director Skye Hospitality
“Their objective is to bring together successful individual and give them a distinguished living marked by happiness, wellness, and quality time for themselves. Increasingly brand, developer, and consultants need to work together to define the contours of branded living, offering superlative lifestyles” Further added Mr. Kansal
Commenting on the Westin Residences project, Mr Pankaj Pal- Managing Director of Whiteland Developers said, “We are really passionate about rendering an elevated lifestyle to the discerning elite homebuyers of NCR. We are here to rewrite the rules of premium living. Westin Residences will be a distinguished name on the map of NCR property market. Partnering with Marriott would not just give us an immaculate brand name, but will also help with robust asset management and due-diligence expertise”
India will continue to be a thriving ground for branded residences backed by growing concentration of elites with refined tastes. The new crop of Indian HNIs comprising of self-made entrepreneurs, top corporate honchos, creative leaders, and next-gen family business scions are seriously looking forward to aspirational living marked by not just opulence but also experiences and exclusivity. This will see increased demand for branded living, not just in modern Indian metros but also serene tourist spots.
SHARE
