Real estate firm Smart World Developers plans to invest close to Rs 3,000 crore for two residential projects spread across 6 mn sq ft in Gurugram. In the long-term, the company intends to develop 25 million square feet of residential projects and will invest Rs 8,000-10,000 crore in the millennium city.
The two projects expected to be launched in November will come up along Gurgaon’s Golf Course Extension Road and New Gurgaon.
Regulatory approvals are awaited and the company has already acquired land for the two projects. “So far we have invested close to Rs 700 crore and including construction the two projects would cost close to Rs 3,000 crore. The amount is from internal accruals and co-investments from Piramal Group and India Infoline,” said Smart World Developers CEO Vivek Singhal.
“We have already locked transactions that would give us 2.5 crore sq ft worth of development right out of which we plan to monetise only 60 lakh sq ft right now. Once the entire project spread across 2.5 crore sq ft crore is developed, it would generate close to Rs 8,000 to Rs 10,000 crore over a period of three to five years,” he told Moneycontrol.
The company plans to launch two low rise projects in Gurgaon for which the target audience are the millennials. The units would be priced between Rs 75 lakh to Rs 1.5 crore. Housing products will be in the configuration of 2.5BHK and 3.5 BHK.
“Most people in North India prefer to live in low rise condos but that would not be a limitation for us in terms of how we pan out our subsequent projects. It all depends on where the opportunity is and how we utilize it,” he told Moneycontrol.
The new company has been established by Pankaj Bansal and his wife Aishwarya Bansal, who are among the promoters of Gurugram-based M3M group.
Aishwarya Bansal, the co-founder of the new company, said that the company will develop projects across major cities of the country and will not restrict itself to the Gurgaon market. It is looking to expand in key real estate markets such as Gurugram, Noida, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Goa and Hyderabad in the near future.