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Smart World Developers to infuse Rs 3,000 cr in two residential projects

Wednesday, 27 Oct 2021
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Realty firm Smart World Developers, which has been set up by M3M group promoters will invest around Rs 3,000 crore to develop the company's first two residential projects in Gurugram, Haryana.

The company plans to launch two housing projects during October 2021 after getting the necessary regulatory approvals.

The company is planning to launch two housing projects in November 2021 comprising around 4,000 flats and six million sq ft of developable area.

The total investment on these two projects is estimated at around Rs 3,000 crore and the total sales realisation is expected at about Rs 5,000 crore. These two projects will mainly have low-rise floors under the Haryana government scheme.

The company has already raised around Rs 400 crore from Piramal Group and India Infoline for development of these projects. The investments have been made in the two special purpose vehicles (SPVs) formed to build these two projects.

The company aims to launch one-two more projects by the end of FY22. On the long-term, the company intends to develop 25 million sq ft of residential projects and will invest Rs 8,000-10,000 crore in Gurugram only.

 
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