Smartworld Developers’ Rs 3,000 Crore Investment in Gurugram Luxury Housing

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    CEO Vivek Singhal recently announced that Smartworld Developers are set to invest a substantial sum of Rs 3,000 crore in the creation of “Smartworld The Edition,” a lavish residential project in Gurugram. Spanning 10 acres in Sector 66 along Golf Course Extension Road, this upscale development will encompass an expansive 3 million square feet of saleable area.

    Singhal emphasized that this project is anticipated to generate revenues of around Rs 6,000 crore. The company is committed to channeling the entire Rs 3,000 crore investment solely into the project’s development.

    Highlighting the strategic significance of the location, Singhal pointed out the transformation of Golf Course Extension Road into a prominent luxury residential area. The market has witnessed substantial growth, with prices escalating from an average of Rs 13,000 to Rs 15,000 per square foot in 2022 to the current range of Rs 18,000 to Rs 20,000 per square foot. It is projected to further increase to Rs 25,000-Rs 30,000 per square foot within the next two years.

    The architectural marvel, “Smartworld The Edition,” will stand tall with a 42-storey high-rise structure, comprising three twin towers accommodating over 900 apartments. The residences will offer 3.5 BHK and 4.5 BHK configurations, designed by well-known firms like Studio Symbiosis, Red Landscape, Greymatters, ITH, and others.

    Singhal also unveiled plans for a “highlife club” featuring a rooftop pool within the premises.

    Previously, Smartworld Developers introduced low-rise independent floors at Smartworld Orchard and Smartworld Gems in Gurugram. These projects are in their final stages of construction, with the company aiming to deliver possession of 5 million square feet within the next six to twelve months.

    Furthermore, in 2022, the company received a significant investment of Rs 250 crore from Motilal Oswal, further strengthening its expansion plans.

    (Source: Moneycontrol)

    Also read: Tax Tribunal Rules in Favor of Joint Property Buyer

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