Gurgaon based Smartworld Developers Pvt. Ltd will invest Rs 3300 crore in FY 24 towards the construction of three projects, spreading across 11.5 million square feet of space.
The company has recorded sale of Rs 3500 crore in FY 2022-23 and is expected to double it to Rs 7,000 crore in FY24 as it plans to enter two new geographies with premium to luxury projects.
“We aim to continue our growth trajectory and target to achieve sales worth Rs 7,000 cr in FY 24, as we expand into two new geographies including Noida and Bangalore with premium to luxury residential projects,” said Vivek Singhal, CEO, Smartworld Developers.
Earlier in the year, the company secured Rs 250 crore of investment from Motilal Oswal. The funds are being utilised for company’s expansion.
The company has sold about 1438 residential units and 2.87 mn sq ft of space in FY 23.
In FY 23, Smartworld launched a premium high-rise residential project, at Sector 113, Dwarka Expressway. The company is investing approximately Rs 1700 crore in developing the project and expects to generate Rs 5300 crore in revenue from it.
The project is spread over 16 acres with a saleable area of 3.9 million sq. ft.
“Our two debut projects- Smartworld Orchard and Smartworld Gems are well on their target of early completion and we hope to handover these low rise floors with high rise amenities beginning Q3 this year, well before the committed date,” Singhal said.
The company has already prepaid its initial investments of Rs 400 crore from Piramal Group and IIFL against the contracted timelines of 2-3 years.
Source : ET