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Smartworld Developers Pvt. Ltd., based in Gurgaon, has raised Rs. 250 crores from Motilal Oswal for the expansion of projects, according to a senior executive.
Smartworld Developers, which was founded in 2021 by M3M Group promoters, announced an investment of around Rs 3,000 crores in October last year to develop the company’s first two residential projects in Gurugram.
Smartworld Developers said on Sunday that the Rs 250 crores raised from Motilal Oswal will be used for growth capital as well as the development of existing housing projects. Within a year, SmartWorld had repaid its initial investments of Rs 400 crore from Piramal Group and IIFL.
In Gurugram, the company has launched two projects: Smartworld Orchard and Smartworld GEMS. So far, Smartworld Developers has made over Rs 4,000 crore in sales. It has projects worth Rs 25,000 crore and development potential of over 2.5 crore square feet over the next five years.
“Even though last year was affected by the COVID, our inaugural projects like Smartworld Orchard and Smartworld GEMS, have been received extremely well by buyers,” said Vivek Singhal, CEO of Smartworld Developers. The company intends to launch two more luxury projects in 2022-23.
“This new funding will help accelerate our growth.” “We are also in advanced talks with various national and international private equity (PE) players to establish a development platform for Smartworld’s upcoming projects,” Singhal said.
He also stated that Smartworld intends to expand into key real estate markets such as the Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Goa, and Hyderabad in the near future.
“We have invested Rs 250 crore with Smartworld Developers,” said Sharad Mittal, Executive Director & CEO, Real Estate Funds, MO Alternates. “We remain bullish on India’s mid-income housing market,” he said.
Source-ET
