Smartworld Developers, headquartered in Gurugram, has recorded sales worth Rs 3500 cr in FY 2022-23. The company has sold about 1438 residential units and 2.87 mn sq ft of space in FY23 and is eyeing a topline of Rs 7,000 crores in FY24. It is planning to enter two new geographies with premium to luxury projects.
In FY23, Smartworld launched a high-rise residential project, ‘Smartworld One DXP’ at Sector 113, Dwarka Expressway. It is investing approximately Rs 1700 cr in developing the project and expects to generate Rs 5300 cr in revenue from it. The project is spread over 16 acres with a saleable area of 3.9 million sq. ft. Its 2.5 BHK units completely sold out within few days of its launch.
Vivek Singhal, CEO, Smartworld Developers, said, “Our two debut projects – Smartworld Orchard & Smartworld Gems – are well on their target of completion. We are expanding into two new geographies Noida and Bangalore with luxury residential projects.”
Earlier in the year, the company secured Rs 250 cr of investment from Motilal Oswal. The funds are being utilised for company’s expansion. In its very first year, the company has already prepaid its initial investments of Rs 400 cr from Piramal Group and IIFL against the contracted timelines of 2-3 years.
