Gurugram-headquartered Smartworld Developers Pvt Ltd 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 FY 23. The company is eyeing to achieve a top line of Rs 7,000 crore in FY24 and is also planning to enter two new geographies with premium to luxury projects.
In FY 23, Smartworld launched a premium high-rise residential project, ‘Smartworld One DXP’ , at Sector 113, Dwarka Expressway. The company is investing approximately Rs 1700 cr in developing the project and expects to generate approx. Rs 5300 cr in revenue from it. The project is spread over 16 acres with a saleable area of 3.9 million sq. ft. The project has 1800 units ranging from 1300 sq. ft. to 2800 sq. ft. in two phases. The project has received a tremendous response, with Smartworld One DXP’s 2.5 BHK units completely sold out within a few days of its launch.
Commenting on this, Vivek Singhal, CEO, Smartworld Developers, said, “In its two-year journey, Smartworld Developers has carved a niche in the real estate industry as one of the fastest growing new-age real estate companies. Setting new benchmarks, in FY 23, we have witnessed sales worth Rs 3500 cr. Our recent offering ‘Smartworld One DXP’ has received an overwhelming response from the market with the 2.5 BHK units being completely sold out within days of launch. Also, our two debut projects- Smartworld Orchard & Smartworld Gems – are well on their target of early completion and we hope to hand over these low-rise floors with high rise amenities beginning Q3 this year, well before the committed date.”
“We aim to continue our growth trajectory and target to achieve sales worth Rs 7,000 cr in FY 24, as we expand into two new geographies, including Noida and Bangalore, with premium to luxury residential projects,” added Singhal.
Earlier in the year, the company secured Rs 250 cr of investment from Motilal Oswal. The funds are being utilised for the company’s expansion. In its very first year, the company has already prepaid its initial investments of Rs 400 cr from the Piramal Group and IIFL against the contracted timelines of 2-3 years.
Source : FE