Smartworld Developers Will Invest Over 3000 Cr This Fiscal Year

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Smartworld Developers Will Invest Over 3000 Cr This Fiscal Year With Expansion Plans At Multiple Locations

Smartworld Developers of Gurugram will invest INR 3,300 crore in the construction of three developments totaling 11.5 million square feet in 2024 fiscal year.

The company's sales reached 3,500 crore in 2022-23, and it anticipates doubling them this fiscal year as it enters two new markets.

"We aim to continue our growth trajectory and achieve sales of INR 7,000 crore in 2023-24 as we expand into two new geographies, including Noida and Bengaluru, with premium to luxury residential projects."

Earlier in 2023, Motilal Oswal invested INR 250 crore in the company that would be used for expansion by the Gurgaon based real estate development company.

In 2022-23, the company sold approximately 1,438 residential units and 2.87 million square feet of space.

In the previous fiscal year, it introduced a luxury high-rise residential project in Sector 113, Dwarka Motorway. It is investing approximately 1,700 crore in the development of the project and expects to generate 5,300 crore in revenue from it.

The project spans 16 acres and has a saleable area of 3.9 million square feet.

According to Singhal, their two debut projects, Smart world Orchard and Smartworld Gems, are well on their way to achieving an early completion, and they anticipate handing over these low-rise floors with high-rise amenities in the third quarter of 2023, well ahead of the agreed upon date.