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The smart world will invest nearly Rs 3000 crore in developing approximately 8 million square feet of premium residential space across three projects in Gurgaon.
The first phase of the three projects will begin in 2023, and the company is also looking into projects in Mumbai, Bengaluru, and Pune.
They have already done two projects in sectors 89&63 Gurgaon, proving their presence. Both projects are nearly sold out, and 2023 will be our year of delivery and launches. The company plans to start projects in Gurgaon’s sectors 113, 66, and 79.
In sector 113 Gurgaon, they have a total development potential of 4.5 million square feet, of which they will develop about 3 million square feet in the first phase of Smartworld ONE DXP. Sector 66 will be a luxury, high-rise development. Approximately 2.5 to 3 million square feet will be launched in the first half of 2023.
In addition, the company intends to build 8.5 million square feet in Sector 79 in phases. Smart World Developers expects to close 2022 with Rs 4,000 crore in revenue and hopes to double that in 2023.
The company will only do retail projects near the company’s residential development. It recently launched a premium high street retail project in Gurgaon’s Sector 61, spanning 100,000 square feet, and is expected to generate Rs 250 crore in revenue.
Smartworld Orchard Street has three floors, and their unit sizes range from 500 to 12,000 square feet.
The developer, financially backed by India Infoline, Piramal Group, and the Bansal family (promoters of M3M group), intends to invest Rs 8,000-10,000 crore in the next few years in developing residential projects in Gurgaon.
It raised funds at a time when the real estate firm had already repaid its initial investments of Rs 400 crore from Piramal Group and IIFL within a year.
Source- ET
