Smartworld Developers to invest Rs 1,200 crore in two residential projects

 Smartworld Developers to invest Rs 1,200 crore in developing two residential projects-Smartworld Gems and Smartworld Orchard in Gurugram.

The company is eyeing sales worth Rs 5,000 crore by March 2022 from these projects, of which it claims Rs 2,000 crore has been already achieved.

Vivek Singhal, CEO, of the company said, “We have clocked combined sales worth Rs 2,000 crore on our recently launched low-rise offerings. Over 70% of our patrons are first-time homebuyers between the age group of 28–33 years. We have set ourselves a target of Rs 5,000 crore by March 2022.”

Located in Sector 61, Smartworld Orchard is a low-rise development spread across 20.6 acres comprising 2 and 3 BHK homes priced between Rs 1.37-1.94 crore. Smartworld Gems on the other hand is located in Sector 89, New Gurgaon, and offers 2 and 3 BHK homes priced between Rs 72.5-89.5 lakh.

Backed by India Infoline, Piramal Group and the Bansal family, Smartworld Developers is eyeing expansion in Noida, Mumbai region, Pune, Bengaluru, Goa and Hyderabad in the near future. It is targeting 2.5 crore sq ft of project development and will invest Rs 8,000-10,000 crore in developing residential projects in Gurugram.