Smart World Developers to invest 3,000 crore rupees in 6 million square foot development in Gurgaon

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Smart World Developers, financially supported by India Infoline, Piramal Group and the Bansal family (promoters of M3M Group) has acquired two plots of land in Gurgaon and will begin the development of six million square feet of low-rise residential projects, at a cost of Rs 3,000 crore by March 2022, Aishwarya Bansal, co-founder of Smart World Developers told ET.

The company plans to invest between Rs 8,000 and 10,000 crore in the development of residential projects in Gurugram over the next few years. Later it plans to expand to Noida, Mumbai MMR, Pune, Bengaluru, Goa and Hyderabad.

“In the early years, we will only opt for low-rise residential development with an average price of Rs one crore per apartment. In the NCR 40,000 to 50,000 units are sold every year and we want to have a 10-15% market share, ”Bansal said.

The company has already acquired two plots of land – 23 acres at the Golf Course Road extension and 58 acres in New Gurgaon and will develop nearly 4,000 units on this land.

“We are planning to launch one or two more projects by March 2022 and so far we have acquired 180 acres of land. We will cover almost all of the micro-markets in Gurgaon, ”said Vivek Singhal, CEO of Smart World Developers.

In the long term, Smart World Developers will invest between 8,000 and 10,000 crore rupees in the development of residential projects in Gurugram alone. The company is also planning sales worth Rs 5000 crore in the first 2 quarters of business.

The company said it would target Millennials who weren’t thinking about buying a home before covid but realized the importance of the home.

“As a millennial nation with the greatest number of millennials in the world, our goal is to be a catalyst for change and to herald the future of real estate in India, not only with our unique homes as young Indians budding seek but also professionalism and customer experience that redefines Indian real estate and sets a high benchmark, ”added Bansal.

Smart World Developers has forged links with Turner & Townsend for quality management, EY for SOP implementation, Saraf and Partners Law Offices, Grant Thornton India, HighBar (SAP Implementation), among others.

An advisory board with Anoop Mittal, former CEO of NBCC, was formed to provide guidance to the company.

“For us, we take our commitments very seriously; with a development potential of 2.5 crore square feet, our vision is to reform Indian real estate by providing a unique, well-researched living concept designed for the budding millennial, both in terms of value and style of life. Singhal added.

During the Covid-19 pandemic, developers have seen an increase in demand for mapped out development and independent floors.

According to the developers, high-rise complexes take 5-7 years to monetize while this happens much faster in the case of independent floors. With a persistent liquidity crisis, the real estate industry is looking for rapid monetization of assets.

According to real estate consultants, independent floors will account for 75% of total launches in Gurgaon – these were less than 10% previously. Some developers even convert collective housing licenses to DDJAY licenses.


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