In FY24 – Smartworld Developers are set for two new geographies. Toplines of rs 7,000 cr
Smartworld Developers Pvt Ltd has recently made recorded sales worth rs 3500 cr in FY 2022-23. Now, the company has sold around 1438 residential units and 2.87 mn sq ft of space in FY 23. The company has been eyeing to achieve a top-line of Rs 7,000 crore in FY24. The company is also planning to enter two new geographies with premium to luxury projects.
In FY 2023, Smartworld launched a premium high-rise residential project, Smartworld One DXP at sector 113, Dwarka Expressway. The company is investing around rs 1700 cr in developing the project and expects to generate approx. Rs 5300 cr in revenue from it. The project has 1800 units ranging from 1300 sq, ft to 2800 sq. ft in two phases. After receiving a tremendous response, Smartworld One DXP’s 2.5 BHK units completely sold out within a few days of its launch.
Vivek Singhal, CEO of Smartworld Developers commented, in just 2 years, Smartworld Developers has carved a niche in the real estate industry. The company has become one of the fastest-growing new-age real estate companies. The two debut projects – Smartworld Orchard & Smartworld Gems are well on their target of early completion. The company is likely to hand over these low-rise floors with high-rise amenities at the beginning of this year.
The company aims to continue to grow and targets to achieve sales worth rs 7,00 cr in FY 24. Smartworld is going to expand into two new geographies, including Noida and Bangalore.
Earlier this year, the company secured rs 250 cr of investment from Motilal Oswal. The funds are going to be utilized for the company’s expansion. The project has already prepaid its initial investment of rs 400 cr from the Piramal Group and IIFL against the contracted timelines of 2-3 years.