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The MSCI EAFE Index returned -1.24% in the first quarter of 2026, struggling after an extremely strong 2025, up 31.22%. International equities navigated a volatile and challenging environment in the first quarter, facing headwinds from geopolitical tensions in the

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According to Sudeep Bhatt, Director – Strategy at Whiteland Corporation, NRIs from the Middle East, Singapore, the UK, Australia and Canada now account for 10–12% of the company’s luxury home sales, driven by India’s robust economic growth, improving infrastructure and the appeal of globally benchmarked branded residences.

In an interaction with Kshitij Anand of ETMarkets, Bhatt also discusses the evolution of Dwarka Expressway as a luxury housing destination, the growing role of branded residences, changing preferences of high-net-worth buyers, and why he believes India’s premium housing market is undergoing a structural transformation. Edited Excerpts –

Q) Thanks for taking the time out. Dwarka Expressway and Gurgaon have emerged as one of India’s strongest luxury housing markets. What structural changes are driving this demand, and how sustainable is the current momentum?

A) In 2026, Dwarka Expressway is no longer an emerging corridor. It has become one of the most compelling residential destinations in the Indian real estate landscape. What we’re witnessing is not a cyclical surge but a transformation driven by infrastructure, connectivity, and changing consumer aspirations.

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The completion of the expressway, expanding metro connectivity, uninterrupted access to IGI Airport, UER2, Mumbai expressway, cities like Jaipur and proximity to major commercial districts have fundamentally improved the liveability of the region. Unlike mature, established markets where growth is saturated, Dwarka Expressway still offers the scale required to create integrated, world-class developments.
Equally important is the evolution of the home buyers. Luxury today is no longer defined solely by size or location. It is about curated lifestyles, wellness, hospitality, and professionally managed communities. This shift is creating sustained demand for high-quality developments rather than speculative inventory.
We believe the momentum is durable as it is supported by long-term infrastructure investments, rising household incomes, and rising preference for branded, professionally managed residences. At the same time, India’s strong economic growth, disposable incomes, expanding entrepreneurial ecosystem, and increasing popularity of high-net-worth individuals are significantly contributing to the demand for premium and luxury housing. These are key drivers that will continue shaping the market for years to come.
Q) The company built a portfolio spanning luxury residences, branded residences, low-rise developments, and commercial assets. How do you see the revenue mix evolving over the next 3–5 years?
A) Our strategy has always been about building a balanced and resilient portfolio rather than chasing individual asset classes.

Over the next three to five years, we expect premium and branded residences to contribute a larger share of our revenue as buyers highly seek developments backed by globally recognised brands and exemplary service standards. This segment commands strong pricing power while also delivering greater long-term value for homeowners.

At the same time, our project, Urban Cubes 71 will redefine the high street retail experience, bringing together a curated mix of brands to further establish it as a gourmet and retail destination.

Our objective is not simply to develop projects but to build enduring destinations where residential, commercial, hospitality, and lifestyle experiences complement each other. That diversified approach positions Whiteland for sustainable long-term growth. Our projects, The Aspen high rise is on its way to completion, while Blissville low rise development is getting ready for possession this year itself.

Q) Westin Residences! Tell us more about the collaboration with Marriott International with Whiteland.
A) With Marriott International, Westin Residences Gurugram represents a shared commitment to deliver a globally benchmarked residential experience to its buyers.

The collaboration allows us to integrate hospitality into everyday residential living, from wellness-led design principles and personalised concierge services to professionally managed amenities and global service standards. Residents experience the comfort, consistency and attention to detail that define Westin Residences as a brand.

Perhaps the most significant aspect of the partnership is Marriott’s long-term management commitment. This helps preserve quality, operational excellence and asset value over time, ensuring that homeowners benefit not only from an exceptional living experience today but also from stronger long-term value creation.

Q) What is the biggest misconception investors have about the luxury real estate market today?
A) One of the biggest misconceptions is that luxury is primarily about premium pricing and prestigious branding. In reality, true luxury is defined by execution, consistency of experience, and long term management.

This becomes even more relevant in the branded residences segment. A globally recognised brand is not simply lending its name to a project, but brings curated design standards, operational expertise, service protocols and long-term management that continue well after possession.

Luxury real estate should therefore be evaluated as a long-term asset rather than a short-term trade. Today’s buyers consciously recognise that professionally managed developments tend to retain quality, command stronger resale value, and remain desirable over decades.

Ultimately, true premium lies not in the brand itself, but in the quality of life and long-term value that the brand consistently delivers.

Q) Will FY27 be stronger than FY26 in terms of launches, sales, and collections? From a long-term perspective, what does the next 5–10 years look like for luxury real estate?
A) We remain optimistic about FY27. The market fundamentals that supported FY26, including strong end-user demand, infrastructure-led growth and rising buyer confidence continue to remain intact.

More importantly, India’s luxury housing market is undergoing a structural change. Rising disposable incomes, wealth creation, changing lifestyle aspirations and exposure to global standards are encouraging buyers to prioritise quality, wellness, and professionally managed home environments.

Over the next five to ten years, we expect branded residences and premium developments to become a significant part of India’s residential landscape. As luxury becomes more experience-driven rather than product-driven, developers who consistently deliver quality, transparency, and long-term value will be best positioned to lead the market.

Q) How are HNIs looking at luxury real estate – as a long-term investment, wealth preservation tool or a second home for vacation?
A) For HNIs, luxury real estate has evolved beyond being a lifestyle purchase. It has become an important component of long-term wealth planning.

In the current economic environment, market volatility and geopolitical uncertainty prevail in the current global environment. For affluent buyers, high-quality real estate provides both asset stability and tangible value. It serves as a hedge against inflation while offering the potential for long-term capital appreciation.

At the same time, affluent buyers are placing considerable emphasis on lifestyle. They are seeking homes that combine wellness, privacy, hospitality-led services, and superior design. As a result, branded residences are highly seen not only as investments but also as primary homes that improve everyday living.

The distinction between investment and lifestyle is becoming blurred, with buyers expecting both financial resilience and exceptional living standards from the same asset.

Q) Are HNIs and NRIs becoming a larger part of your buyer base? What percentage of sales currently comes from these segments?
A) Yes, we are witnessing a meaningful surge in interest from both HNIs and NRIs. These buyers are seeking globally benchmarked developments that offer transparency, strong governance, professional management, and long-term value creation.

For NRIs in particular, India continues to present compelling opportunities backed by economic growth, currency advantages, and developing infrastructure. Branded residences resonate strongly with this audience since they offer globally familiar service standards and professionally managed communities.

As luxury housing continues to mature, we expect these particular customer segments to play an even more significant role in our overall buyer mix. We are getting major traction from the Middle East, Singapore, UK, Australia, Canada which contributes 10-12% sales.

Q) Are you witnessing any slowdown in booking velocity after the strong run-up in property prices over the past two years?
A) While the market has naturally become more discerning, we have not seen any meaningful decline in demand for well-located, high-quality developments. Today’s buyers are far more selective than they were a few years ago. They are evaluating developers based on credibility, execution capability, product differentiation and long-term value rather than simply comparing prices.

In that environment, projects that offer strong fundamentals, distinctive positioning, and trusted brand partnerships continue to perform well. We believe the market is moving towards quality-led demand, which is a healthy and sustainable sign for the luxury housing sector.

• The fund posted returns of -1.30% ((Institutional shares)) and -1.47% (Investor A shares, without sales charge) for the first quarter of 2026.

• The fund’s underperformance of its benchmark was partly due to equity selection, particularly