Realty developers Smartworld plans to invest Rs 3,000 crore in developing 3 million sq ft of luxury residential development on Gurgaon’s Golf Course Road extension.
Spread across 10 acre in Sector 66, Gurugram, the project comprises 3.5 and 4.5 BHK luxury residences.
The company expected to generate a revenue of Rs 6000 crore from the project, which will have over 900 apartments.
“The surging demand for luxury real estate is led by projects that seamlessly integrate luxury living with high-end amenities. The Golf Course Road Extension (GCER) has emerged as a luxury hub over the last few years. GCRE continues to be the most desirable location for a home in Gurgaon,” said Vivek Singhal, CEO, Smartworld Developers.
This is reflected in strong price appreciation in the last year. GCRE has witnessed average prices escalation from Rs 13,000 to Rs 15,000 psf. in 2022 and is currently in a price range of approximately Rs 18000- 20,000 psf., this is expected to further increase to around Rs 25,000 psf. to Rs 30,000 psf. in the next two years.
“The driving factors of this increase has been creation of high paying jobs in Gurgaon and expansion in business activities supported by a buoyant economy. Driven by consumer centricity as a brand, Smartworld’s The Edition is a perfect luxe development for both homebuyers as well as investors,” Singhal said.
‘Smartworld The Edition’ will have an 1 lakh sq ft of luxurious amenities, enhanced by an exclusive 7-star highlife club with a rooftop infinity pool.
Smartworld Developers starred operation in 2021 in Delhi NCR real estate market with its low-rise independent floors at Smartworld Orchard and Smartworld Gems in Gurugram. These projects are currently in the advanced stages of construction, and the company aims to give possession of 5 million sq ft in next 6-12 months which is well ahead of schedule.
Source : ET
