The promoters of Gurugram-based M3M Group have launched a new real estate firm ‘Smart World Developers’ that will develop low-rise floors and condominiums aimed at younger and first-time home buyers.
The company will invest ₹8,000 crore- ₹10,000 crore in developing residential projects in Gurugram. At a later date, it also plans to expand to Noida, Mumbai Metropolitan Region, Pune, Goa, Bengaluru and Hyderabad.
In its first two projects in Gurugram, Piramal Capital, IIFL Group and the Bansal family of M3M, have invested ₹700 crore. The company plans to bring in more investors going forward.
The two projects, spanning 6 million sq. ft, are located in Golf Course Extension Road, Gurugram and New Gurugram. Both are low-rise gated communities. While units at the Golf Course Extension project will be priced at ₹1 crore- ₹1.5 crore, the new Gurugram project will sell floors at ₹70 lakh- ₹80 lakh each. Both the projects will be launched in November.
M3M is known for its premium and luxury projects and is also developing the only Trump Tower project in the National Capital Region market. With Smart World, the M3M promoters are looking to diversify their portfolio, build smaller homes in some cases, and reach a customer base they haven’t tapped yet.
“The objective is to run a professionally run company, use enhanced technology and build housing products that are more suited for millennials. Unlike M3M, which also develops non-residential projects, Smart World will be purely focused on housing. We plan to incorporate the newer trends of a work-from-home office and a terrace with every unit in our Gurugram projects,” Vivek Singhal, chief executive officer, Smart World Developers, said in an interview.
The real estate company said it is eyeing sales worth ₹5,000 crore by March 2022. Aishwarya Bansal, wife of M3M’s managing director Pankaj Bansal, is a co-founder at Smart World Developers.
Singhal said the new company is not a subsidiary of M3M, and will run as an individual company.
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