Smart World Developers, a renowned realty firm which is launched by M3M Group of promoters, has said that it will invest around Rs,3000 crore to develop its first two residential projects in Gurugram. After getting the essential approvals the company is expected to launch 2 housing projects during this month. The CEO of Smart World Developer Vivek Singhal says “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 already acquired land for these two projects,” . He further stated that the total cost of these 2 projects is Rs, 3000 cr and total sales realisation is expected to be around Rs, 5000 crore. These projects will have low rise floors under Haryana government scheme.
The CEO has revealed that the company would target Rs 75 lakh to Rs, 1.5 crore price bracket in Gurugram’s realty market initially. Mr. Singhal also told that the company has rasied around Rs 400 crore from Piramal group and India Infoline for development of these projects. The investment have made in the two special purpose vehicles to develop these projects. He further said that the company will launch 1-2 more projects by the end of this fiscal year. He also informed that the new company has been established by Pankaj Bansal and wife Aishwarya Bansal, who are the promoters of M3M Group.
The co-founder of the company, Aishwarya Bansal said that the Smart World Developers will focus on developing residential projects that align with the needs of millennial. The company plans to develop residential projects across major cities of the country and won’t restrict itself to Gurgaon market only. Also, the company is in constant talks with landowners for joint development agreements to develop housing project across major cities.