Bangalore The promoters of Gurugram-based M3M Group have launched a new real estate firm ‘Smart World Developers’, which will develop low-rise floors and condominiums aimed at young and first time home buyers.
company will invest ₹8,000 crore- ₹10,000 crore in the development of 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 crores. The company plans to bring in more investors.
The two projects spread over 6 million sq ft are located at Golf Course Extension Road, Gurugram and New Gurugram. Both are low-rise gated communities. While the cost of units of the Golf Course Extension project will be ₹1 crore- ₹1.5 crore, will sell floors on the new Gurugram project ₹70 lakh- ₹80 lakhs 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 NCR market. With Smart World, M3M promoters want to diversify their portfolio, in some cases build smaller homes, and reach a customer base that they haven’t tapped yet.
“The aim is to run a professionally operated company, using advanced technology and manufacturing housing products that are more suited to millennials. Unlike M3M, which also develops non-residential projects, Smart World will focus entirely on housing. Vivek Singhal, CEO, Smart World Developers said in an interview, “We are planning to incorporate new trends of office work from home and a roof with each unit in our Gurugram projects.
The real estate company said it was eyeing the sale price ₹5,000 crore by March 2022. Aishwarya Bansal, wife of M3M 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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