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Smartworld Developers has decided to expand beyond Gurugram with a major entry into Noida through a mixed-use project planned on a newly acquired 6-acre land parcel in Sector 98. The company secured the plot for INR 414 crore through an auction and intends to invest about INR 2,000 crore in development. The project will include branded residences, high-street retail and serviced homes, and is expected to generate revenue of more than INR 3,000 crore. Smartworld, which recorded INR 6,400 crore in sales bookings last fiscal year, is also exploring a collaboration with a global brand for this project.
Smartworld Developers has moved ahead with its plan to grow beyond the Gurugram market by preparing its first project in Noida. The company recently acquired a 6-acre land parcel in Sector 98, located along the Noida Expressway, through an auction for INR 414 crore. This site is considered one of the more prominent micro-locations in the Delhi-NCR region, especially with ongoing commercial and residential expansion along the expressway. Advertisement
The firm will develop a mixed-use project that includes premium branded homes, high-street retail spaces and serviced residences. The total investment for construction is expected to be around INR 2,000 crore, while projected revenue from the development is estimated to cross INR 3,000 crore. The company has also initiated discussions with a leading global brand for a possible collaboration for the residential component.
According to the company, expanding into Noida aligns with its broader plan to increase its presence across NCR. Ashish Jerath, President of Sales & Marketing, stated that the move marked an important milestone for Smartworld as Noida's improving infrastructure and its growing role as a real estate hub offer significant potential. Noida's expressway corridor has seen steady demand from homebuyers and investors, supported by connectivity upgrades and a rise in commercial activity.
Smartworld reported INR 6,400 crore in sales bookings last fiscal year, reflecting nearly 60% annual growth. The company has delivered about 6.5 million sq ft so far and has nearly 20 million sq ft under construction across various projects. Its expansion comes at a time when the overall housing market has shown mixed performance. Data from PropTiger indicates that sales across eight major cities dropped to 95,547 units in the third quarter of this calendar year, compared with 96,544 units during the same period a year earlier. In Delhi-NCR, residential sales declined 21% to 7,961 units, according to the same report. PropTiger was recently acquired by Aurum PropTech.
Source PTI
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