Smartworld Developers Invests Rs 3,200 Cr in Gurugram Luxury Housing

New Delhi, Dec 19 (PTI) Realty firm Smartworld Developers will invest around Rs 3,200 crore over the next five years to build a luxury housing project in Gurugram to expand its business amid strong demand.

The company has launched a new housing project 'Smartworld The Edition' located at Golf Course Course Extension Road, Sector 66 in Gurugram.

The project is spread over 10 acres and comprises around 900 luxury flats. It is selling these apartments at Rs 5.5 crore and onwards.

"We have launched a new project in Gurugram. The project cost, including land, construction and approval charges, will be Rs 3,000-3,200 crore," Smartworld Developers CEO Vivek Singhal told PTI.

He said the company will meet the investments through internal accruals and advances from customers against sales.

Singhal said the company will start construction soon and aims to complete the project in four years.

Smartworld Developers is selling flats at Rs 17,000-18,000 per square feet, he said, adding that responses from customers have been good so far.

Singhal said housing prices in Gurugram have risen by 50-60 per cent in the last two years.

This is the fourth housing project of Smartworld Developers, which was founded in 2021.

Smartworld is developing 6,000 flats in these four projects. It will deliver two projects in six months.

Gurugram-based real estate brokerage firm InfraMantra founder Shiwang Suraj said, "The demand continues to be strong in the city and it exceeds supply. The demand is driven by both end users and investors. With increase in housing prices, investors have returned in the market."

All housing projects launched this year by big developers have witnessed oversubscription, he said.

"The quantum of over-subscription has reduced slightly because of rally in prices. Still, the expression of interest (EOI) from customers is 150-200 per cent of the total number of units launched," Suraj said.