Smart World Developers to invest Rs 3,000 cr in 2 Gurugram projects

Realty firm Smart World Developers, which has been set up by M3M group promoters, on Tuesday said it will invest around Rs 3,000 crore to develop company's first two residential projects in Gurugram.

company plans to launch two housing projects during this month after getting necessary regulatory approvals.

"We are planning to launch two housing projects in November comprising around 4,000 flats and 6 million square feet of developable area. We have alrey acquired land for se two projects," Smart World Developers CEO Vivek Singhal told reporters here.

He said total investment on se two projects is estimated at around Rs 3,000 crore and total sales realisation is expected at about Rs 5,000 crore. se two projects will mainly have low-rise floors under Haryana government scheme.

CEO said that company would target Rs 75 lakh to Rs 1.5 crore price bracket in Gurugram market initially.

Singhal said company has alrey raised around Rs 400 crore from Piramal group and India Infoline for development of se projects. investments have been me in two Special Purpose Vehicles (SPVs) formed to build se two projects.

company aims to launch 1-2 more projects by end of this fiscal year, he said.

CEO informed that new company has been established by Pankaj Bansal and his wife Aishwarya Bansal, who are among promoters of Gurugram-based M3M group.

Aishwarya Bansal, co-founder of new company, said that Smart World Developers will focus on developing projects keeping in mind requirement of millenial. She said company will develop across major cities of country and will not restrict itself to Gurgaon market.

Smart World President (Sales and Marketing) Ashish Jerath said company is looking to expand in key real estate markets such as Gurugram, Noida, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Goa and Hyderab in near future.

"We are targeting to achieve a sales bookings of around Rs 5,000 crore during current fiscal," he said. On long-term, company intends to develop 25 million square feet of residential projects and will invest Rs 8,000-10,000 crore in Gurugram only.

Singhal said company is in talks with landowners for joint development agreements (JDAs) to build housing project across major cities.

According to a recent report from housing brokerage firm PropTiger, housing sales across eight major cities registered an annual growth of 59 per cent during July-September at 55,907 units, while demand jumped over three-fold against previous quarter.