Whiteland Corporation, a real estate development company, has acquired additional commercial land in Gurgaon for expansion and is consolidating its land bank to cover over 80-100 acres for over Rs 3,500 crore, according to a top company executive.
“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.
Sardana said the company expects a five-year turnover of Rs 7,500-8,000 crore.
According to various industry sources, the Indian real estate market, which had a severe drop during the pandemic, is currently reviving in tandem with economic activity. According to a recent analysis by valuation and consulting firm RBSA Advisors, India’s real estate market is predicted to increase by 15% from $60 billion in 2010 to $1,000 billion by 2030, contributing 13% of the country’s GDP.
According to the report, residential prices will begin to rise again as the economy recovers, and affordable housing initiatives will also help the industry grow.
“The organised retail real estate sector is expected to increase by 28% to 82 million square feet by 2023,” the report added.
According to their website, Whiteland Corporation has interests in the commercial, residential, and retail sectors, as well as a customer base of over 25,000 people. The Rs 300-crore SCO, as well as commercial and residential buildings, are among its current projects.
Consumer demand, infrastructural development, and more job creation, according to Knight Frank India, might help real estate companies improve profitability this fiscal year.
According to industry sources, the Delhi-NCR region is one of the fastest expanding real estate markets in the country, with commercial buildings, cheap and high-end residential projects, and high-net-worth investors.