Smart World Developers To Invest Rs. 3000 Crore In Developing 6 Million Sqft. In Gurgaon
Smart World Developers, financially backed by India Infoline, Piramal Group and the Bansal Family (promoters of M3M group) has acquired two
land parcels in Gurgaon and will start the development of six million sq ft of low rise residential projects, at a cost of Rs 3000 crore by March 2022,
Aishwarya Bansal, Co-founder, Smart World Developers told ET.
The company plans to invest Rs 8000-10,000 crore in developing residential projects in Gurugram in the next few years. Later on, it plan
it plans to expand to Noida, Mumbai MMR, Pune, Bengaluru, Goa and Hyderabad.
“In the initial years, we will only go for low rise residential development with average price of Rs one crore per apartment. In NCR, 40,000-50,000 units
are sold every year and we want to have market share of 10-15%,” said Bansal.
The company has already acquired two land parcels – 23-acre at Golf Course Road extension and 58-acre at New Gurgaon and will develop close to 4,000 units on this.
“We are looking to launch one or two more projects by March 2022 and so far we have acquired 180-acre land. We will cover almost all the micro
markets of Gurgaon,” said Vivek Singhal, CEO, Smart World Developers.
In the long term, Smart World Developers will invest Rs 8000-10,000 crore in developing residential projects in Gurugram only. The company is also eyeing sales worth Rs 5000 crores by first 2 quarters of business.
The company said that it will target millennials population who were not thinking of buying home before covid but have realised the importance of home.
“As a millennial nation with the largest number of millennials in the world, our focus is to be a catalyst of change and herald the future of real estate in India not just with our unique homes that young, aspiring Indians seek but also the professionalism and customer experience that redefines Indian realty and sets a tall benchmark,” Bansal added.
