Smart World to invest Rs 30 bn in three housing projects in Gurugram

In order to create around eight million square feet of residential space across three projects in Gurugram, Smart World Developers will spend close to Rs 30 billion. The three projects will begin in 2023 with the first phase. While also considering similar projects in Mumbai, Bengaluru, and Pune, the real estate group plans to launch projects in Gurugram's Sectors 113, 66, and 79. The site in Sector 113 has a total potential for development of 4.5 million sq ft, of which the corporation will build out roughly three million square feet in the first phase. A luxury high-rise structure with roughly 2.5 to three million sq ft of area will be built in Sector 66 and opened in the first half of 2023. In Sector 79, the business also has ambitions to build 8.5 million sq ft over several phases. In Gurugram's Sector 61, Smart World Developers has unveiled a 1,00,000 sq ft premium high-street retail property with projected revenues of Rs 2.5 billion. Unit sizes at Smartworld Orchard Street range from 500 to 12,000 sq ft over three levels. The developer, who anticipates ending 2022 with revenues of Rs 40 billion, plans to increase those figures in 2023. Additionally, it anticipates ending 2022 with revenues of Rs 40 billion and aims to increase those figures in 2023. The real estate developer, who has the support of India Infoline, Piramal Group, and the Bansal family (promoters of M3M group), intends to spend between Rs 80 and Rs 100 billion developing residential projects in Gurugram over the next few years. Also read: Vonovia to sell stake in a residential portfolio to Apollo Illegal commercial buildings being pulled down in Indore