Smartworld to Invest Rs 2K Cr in Noida Realty Project

New Delhi, Dec 6 (PTI) Realty firm Smartworld Developers will invest around Rs 2,000 crore to build its first project in Noida, as part of the company's plan to expand beyond the Gurugram property market.

Smartworld Developers has announced its entry into Noida, which is an important micro-market in the Delhi-NCR.

The company has acquired a 6-acre land parcel in Sector 98 along the Noida Expressway through an auction process for Rs 414 crore, it said in a statement.

Smartworld Developers will build a mixed-use project comprising premium branded residences, high-street retail, and serviced homes.

The company will invest around Rs 2,000 crore to build this project, while the estimated revenue exceeds Rs 3,000 crore.

"Entry into Noida is a significant milestone for Smartworld Developers as we further strengthen our presence in the NCR region. Noida's rapidly evolving infrastructure and its growing importance as a key real estate hub offer immense potential," said Ashish Jerath, President - Sales & Marketing, Smartworld Developers.

The company is in discussions with a leading global brand for a potential collaboration on the Noida project.

Smartworld Developers clocked Rs 6,400 crore worth of sales bookings last fiscal year, a remarkable 60 per cent annual growth.

Gurugram-based Smartworld Developers has delivered around 6.5 million sq ft to date, and another 20 million sq ft is currently under construction.

According to real estate consultant PropTiger data, housing sales across eight major cities fell 95,547 units during the third quarter of this calendar year from 96,544 units in the corresponding period of the preceding year.

Sales of residential properties in Delhi-NCR decreased 21 per cent to 7,961 units from 10,098 units, said PropTiger, which Aurum PropTech has recently acquired.