Control algorithm development for quadrotor is usually based solely on rigid body dynamics neglecting aerodynamics. Recent work has demonstrated that such a model is suited only when operating at or near hover conditions and low-speed flight. When operating in confined spaces or during aggressive maneuvers destabilizing forces and moments are induced due to aerodynamic effects. Studies indicate that blade flapping, induced drag, and propeller drag influence forward flight performance while other effects like vortex ring state, ground effect affect vertical flight performance. In this thesis, an offboard data-driven approach is used to derive models for parasitic (bare-airframe) drag and propeller drag. Moreover, thrust and torque coefficients are identified from static bench tests. Among the two, parasitic drag is compensated for in the position controller module in the PX4 firmware. 2-D circular, straight line, and minimum snap rectangular trajectories with corridor constraints are tested exploiting differential flatness property wherein altitude and yaw angle are constant. Flight tests are conducted at ASU Drone Studio and results of tracking performance with default controller and with drag compensated position controller are presented. Root mean squared tracking error in individual axes is used as a metric to evaluate the model performance. Results indicate that, for circular trajectory, the root mean squared error in the x-axis has reduced by 44.54% and in the y-axis by 39.47%. Compensation in turn degrades the tracking in both axis by a maximum under 12% when compared to the default controller for rectangular trajectory case. The x-axis tracking error for the straight-line case has improved by 44.96% with almost no observable change in the y-axis.