Smart World Developers will invest Rs 1200 crore in developing 2.8 million sq ft of residential space spread across two projects in Gurgaon, its CEO Vivek Singhal told ET.
The approval process of the projects is already on and construction is expected to begin in the next 2-3 months.
“These two projects will be the major focus in 2022, apart from sale of balance inventory of two earlier projects we launched in 2021. We will also enter at least two cities outside NCR and are evaluating proposals in Pune, Bangalore and Hyderabad,” said Singhal.
The company had recently acquired two land parcels in Gurgaon and launched phase-1 of low-rise residential projects.
For future development, Smart World has bought a 16 acres in sector 113 in Gurgaon on the Dwarka Expressway. It will develop 1.5 million square feet in the first phase of the project.
“Total potential of the land parcel is 4 million sq ft of which we will develop 1.5 msf in the first phase at an investment of Rs 600 crore. There will be premium residential development and a total of 1100 units will be on offer,” Singhal said.
In addition, the company is also in the process of developing a luxury residential project in Gurgaon, Sector 65.
“This will be 1.3 million sq ft on a 7-acre land parcel with a total investment of Rs 650 crore. We will bring products which are not available in that micro market. This will be priced between Rs 3-5 crore per unit,” he added.
As part of its land acquisition strategy, the company is in talks to acquire two more land parcels within Gurgaon.
An important step for the company will be expansion outside of NCR in 2022.
“Currently, we are evaluating multiple deals, but we want to make sure to come up with a big project outside NCR. Next year, we will enter at least two markets between Pune, Bangalore and Hyderabad, while Noida will begin too,” Singhal said.
Smart World, financially backed by India Infoline, Piramal Group and the Bansal Family (promoters of M3M group) aims to invest Rs 8,000-10,000 crore in developing residential projects in Gurugram in the next few years.
The company said that it will target the millennial population who were not thinking of buying a home before covid, but have now realised the importance of owning a home of their own.
Smart World Developers has tied up 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, erstwhile CMD of NBCC, has been constituted.
Source : ET