Smartworld Developers Pvt. Ltd. is all set to invest rs 3300 crore in FY 24 towards the construction of three projects, the land is spread across 11.5 million square feet of space.
Smartworld has recorded the sale of rs 3500 crore in FY 2022-23. It is also expected to double it to Rs 7,000 crore in FY24 and Smartworld is also planning to enter into two geographies with premium to luxury projects.
Smatworld Developers Pvt. Ltd has also recorded sales of rs 3500 in FY 2022-23. So, it is also expected to double to Rs 7,00 crore in FY24. The company is also planning two new geographies with premium to luxury projects.
Vivek Singhal, CEO, of Smartworld Developers said that the aim is to continue our growth and target to achieve sales worth rs 7,000 cr* in FY24. We also expand into two geographies including Noida and Bangalore with premium to luxury residential projects.
This year, the group secured rs 250 crore of investment from Motilal Oswal. These funds are going to be used for the company’s expansion. Recently, the popular group has sold about 1438 residential units and 2.87 mm sq. ft, in FY 23.
In this FY 23, Smartworld is also going to launch a premium high-rise residential project at sector 113, Dwarka Expressway. The company is going to invest Rs 1700 crore in developing the project and expects to generate Rs 5300 crore in revenue from it. This project is also to be spread over 16 acres with a saleable area of 3.9 million sq. ft.
Singhal said the two main projects are going to be debut projects, Smartworld Orchard and Smartworld Gems are well on their target of early completion and low rose floors are going to be handover with high-rise amenities.
The company has already repaid its initial investment of rs 400 crore from Piramal Group and IIFL against the contracted timelines of 2-3 years.