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Gurgaon based real estate developers Smartworld want to invest Rs 3,000 crore in the construction of 3 million square feet of luxurious residential project on the Golf Course Extension Road Gurgaon.
The project in Sector 66, Gurugram, is spread across 10 acres and has 3.5 and 4.5 BHK premium apartments. With around 900 flats, the project is estimated to bring in a revenue of Rs 6000 crore for the corporation.
The need for luxury real estate property is rising, and developments that combine lavish living with state of art facilities are driving this trend. The Golf Course Road Extension has become a posh destination over the past few years. The most sought-after area in Gurgaon for a house is still GCRE, according to Smartworld Developers CEO Vivek Singhal.
The significant price increase over the past year is indicative of this. The average price range for Golf course extension road has increased from Rs 13,000 to Rs 15,000 per square feet in 2022, and it is presently between Rs 18000-20,000 psf. It is anticipated to rise to around Rs 25,000 psf to Rs 30,000 psf in the following two years.
The growth in commercial activity fuelled by a booming economy and the formation of well-paying employment in Gurgaon have been the main drivers of this rush. The Edition by Smartworld, a brand driven by customer centricity, is the ideal luxury development for both investors and homeowners, according to Singhal.
“Smartworld The Edition” will have a rooftop infinity pool and an exclusive 7-star highlife club, in addition to 1 lakh square feet of opulent facilities.
In the Delhi-NCR real estate market in 2021, Smartworld Developers made a name for themselves with its independent, low-rise floors at Smartworld Orchard and Smartworld Gems in Gurugram. The corporation hopes to transfer ownership of 5 million square feet of these projects, which are presently in the advanced phases of construction.