Smartworld Developers to invest Rs 3,000 crore in luxury housing project in Gurugram

Smartworld The Edition will come up in Sector 66 on Gurugram’s Golf Course Extension Road.

Smartworld Developer will invest Rs 3,000 crore to develop 3 million square foot luxury residential project in Gurugram, CEO Vivek Singhal said on December 15.

The luxury housing project “Smartworld The Edition” is located in Sector 66 on Golf Course Extension Road in Gurugram.

“The project will spread over more than 10 acres with a saleable area of 3 million sq ft. The project is expected to generate a revenue of Rs 6,000 crore. The company plans to invest Rs 3,000 crore towards the development of the project,” Singhal said.

The Golf Course Road Extension had emerged as a luxury residential hub, with the micro-market seeing average price escalation from Rs 13,000 to Rs 15,000 psf in 2022, he said. The price now ranged from Rs 18,000 to Rs 20,000 psf and was expected to go up to Rs 25,000-Rs 30,000 psf over the next two years.

The project would be a 42-storey high-rise and have three twin towers with more than 900 apartments, Singhal said.

The project, which will have 3.5 BHK and 4.5 BHK residences, has been designed by Studio Symbiosis, Red Landscape, Greymatters, ITH and others.

‘Smartworld The Edition’ would also have a “highlife club” with a rooftop pool, he said.

In 2021, the NCR-based real estate player launched low-rise independent floors at Smartworld Orchard and Smartworld Gems in Gurugram. The projects are in the advanced stages of construction and the company aims to deliver possession of 5 million sqft over the next six-12 months.

In 2022, the company secured a Rs 250-crore investment from Motilal Oswal, which would be used for expansion plans.