Marriott International and Whiteland signed a deal to develop one of the biggest branded residences in Gurugram on the Dwarka Expressway. The deal has been facilitated by SKYE Hospitality, an end-to-end hospitality and strategy solution brand specialising in branded residences, hotels, and other facets of serviced living.
The mega project comprising 1600–1800 apartments named Westin Residences will be developed over a sprawling area of 20 acres. The project is set to launch in phases, and its first phase will offer 674 units. The cumulative cost of the project has been pegged at around INR 5,600 crore, making it one of the biggest branded residence projects in the country.
The global and Indian-branded residence segments are 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 a separate study conducted by SKYE Hospitality, India has over 2300 registered branded residences, comprising around 10% of the global supply. Both five-star hotel chains and non-hospitality luxury brands are lured towards the fast-moving segment. These projects, largely targeting HNIs and UHNIs, have an average ticket size in the range of INR 9–10 crore.
“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 craving 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 Ankit Kansal, Managing Director of Skye Hospitality.
“Their objective is to bring together successful individuals and give them a distinguished life marked by happiness, wellness, and quality time for themselves. Increasingly, brands, developers, and consultants need to work together to define the contours of branded living, offering superlative lifestyles,” added Kansal.
Commenting on the Westin Residences project, 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 the 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 a growing concentration of elites with refined tastes. The new crop of Indian HNIs, comprising 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 in serene tourist spots.
