Hotel cos, developers see room for growth in branded residences segment

A leading luxury hotels chain has signed an agreement for a branded residences project in Goa, while another has partnered for branded villas in Dharamshala. The formal announcements for both the projects are yet to be made, industry executives told ET.

India’s branded residences segment has started drawing the attention of real estate developers and hotel chains. Marriott International, Radisson Hotel Group and Wyndham said they are exploring opportunities in this space.

Kiran Andicot, regional vice president, South Asia, for hotel development at Marriott International, said both the residential markets and market sentiments are “prime” for branded residences in India. The chain had earlier told ET that it plans to launch a dozen branded residential projects over the next few years.

“Consumers have strong confidence and affiliations to Marriott brands, thanks to excellent product quality, amenities and consistent services, and we are looking forward to translating these unique features to the residences,” said Andicot.

Deepak Jain, founder of MayFair Consultants, said he is working on branded residences mandates for international brands in locations such as Kasauli, Noida and Goa.

“High net worth individuals are drawn to these projects because they offer so much more than a home,” he said. “These properties come with world-class design and prestigious branding and access to amenities and services that make everyday life special.”

Nikhil Sharma, managing director and area senior vice president, South Asia, at Radisson Hotel Group, said the chain has established a presence in the branded residences space in markets such as Paris, Dubai, Copenhagen and Amsterdam, among others.

“As we continue to grow in India, we see significant potential in this segment, and look forward to exploring opportunities to introduce branded residences in locations that align with our brand vision,” he said. Sharad Bhargava, head of business development for Eurasia at Wyndham said there are opportunities in certain metros and other markets such as Jaipur, Nainital and locations across Gujarat where developers shall develop a mixed use facility containing villas or apartments along with hotel facilities. Navdeep Sardana, founder, Whiteland Corporation, said blending world-class hospitality with residential developments elevates the living experience, meeting the growing demand for service-driven, hotel inspired lifestyles.

Whiteland Corporation is executing a branded residences project in India in partnership with Marriott International. The Gurgaon property, spread over an area of 6 million sq ft, will be developed in phases. Entailing an investment of more than Rs 5,000 crore, it will be the biggest Westin Residences project in the world.

“With the Westin Residences Gurugram, we are bringing the highest standards of wellness, personalised services and global amenities directly to our homeowners,” said Sardana.

Paritosh Ladhani, joint managing director, Sincere Developers, and joint MD SLMG Beverages--one of Coca Cola's largest bottling partners in India--said the hospitality project he is co-developing with a luxury chain in Rishikesh will have a branded villas component.