Real estate developer Whiteland Corporation has raised Rs 250 crore from three financial institutions and is in advanced discussions to secure an additional Rs 400 crore to fund a branded residences project in Gurgaon, the company said.
It is investing a total of Rs 4,000 crore in the 20-acre project, Westin Residences Gurugram, which entails building 1,700 three-bedroom and four-bedroom homes.
“We have raised Rs 250 crore at the group level, which has been used for land and approval payments. We are raising another Rs 400 crore construction line for this project only, while the balance can be funded through sales receivables,” said Navdeep Sardana, founder of Whiteland Corporation.
The developer has awarded Rs 2,000 crore in construction contracts to Kalpataru Projects International and Ahluwalia Contracts (India).
The project has a saleable area of 6 million square ft and it is expected to yield revenue of Rs 15,000 crore.
Whiteland Corporation has so far delivered 1,300 homes and commercial spaces spanning 4.5 million sq ft.
India’s branded residences segment has started drawing the attention of real estate developers and hotel chains. Marriott International, Radisson Hotel Group and Wyndham have said they are exploring opportunities in this segment.