Smartworld Developers to Invest Rs 2,000 Crore in Noida Real Estate Project
Smartworld Developers, a leading real estate firm, is set to make a significant investment of Rs 2,000 crore in its first real estate project in Noida. This move marks the company's strategic expansion beyond the Gurugram property market, which has been its primary focus. The project, located in Sector 98 along the Noida Expressway, will be a mixed-use development comprising premium branded residences, high-street retail, and serviced homes.
The company has acquired a 6-acre land parcel in Sector 98 through an auction process for Rs 414 crore. This strategic acquisition is a testament to Smartworld Developers' confidence in the growing importance of Noida as a key real estate hub in the Delhi-NCR region. The project is expected to generate an estimated revenue of over Rs 3,000 crore, reflecting the strong market potential in Noida.
"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 currently in discussions with a leading global brand for a potential collaboration on this ambitious project.
Smartworld Developers has a strong track record in the real estate sector, having delivered approximately 6.5 million square feet of property to date. Additionally, the company has another 20 million square feet currently under construction. The firm recorded Rs 6,400 crore worth of sales bookings in the last fiscal year, representing a remarkable 60 per cent annual growth.
The decision to enter Noida is well-timed, given the recent trends in the real estate market. According to data from PropTiger, a leading real estate consultant recently acquired by Aurum PropTech, housing sales across eight major cities fell by 95,547 units during the third quarter of this calendar year compared to 96,544 units in the same period last year. In the Delhi-NCR region, sales of residential properties decreased by 21 per cent to 7,961 units from 10,098 units.
Despite the slight decline in sales, the overall market sentiment remains positive, with investors and developers looking for new opportunities in emerging markets like Noida. Smartworld Developers' entry into Noida is expected to inject fresh momentum into the local real estate market, creating new opportunities for both buyers and investors.
