Real estate development company Whiteland Corporation has acquired additional commercial land in Gurgaon for expansion and is consolidating its land bank to cover almost 80-100 acres for over Rs 3,500 crore, a top company executive said.
“We are gearing up to launch a major integrated residential project of almost Rs 3,500-4000 crore around Diwali this year. We are in talks with global names in the architectural and designing space for creating landmark destinations,” Navdeep Sardana, founder and chairman of the Gurugram-based Whiteland Corporation said.
The company has projected a turnover of Rs 7,500-8,000 crore over five years, Sardana said.
The Indian real estate market, which suffered a massive downturn amid the pandemic, is now reviving in sync with economic activity, various industry reports said. The country’s real estate sector is expected to grow at 15% from $60 billion in 2010 to $1,000 billion by 2030, and contribute 13% of India’s GDP by 2025, valuation and consulting firm RBSA Advisors said in a recent report.
According to the report, residential prices are expected to start increasing again amid the revival and affordable housing projects too will fuel sector growth. “The organised retail real estate sector is expected to increase by 28% to 82 million square feet by 2023,” the report added.
Whiteland Corporation has interests across commercial, residential and retail sectors and a customer base of over 25,000 clients, according to information on its website. Its existing projects include the Rs 300-crore SCO, besides commercial and residential projects.
Knight Frank India said in another recent report that the current fiscal year could see real estate companies shore up profitability backed by consumer demand, infrastructure development and more job creation.
The Delhi-NCR region is among the fastest growing real estate markets in the country, both for commercial blocks, affordable and high-end residential projects and high net worth investors, according to the industry reports.