Smartworld enters Noida with 6-acre land buy; ₹2,000 cr project planned

The company said that the project will have a total development cost of ₹2,000 crore, with the gross sale value projected at over ₹3,000 crore

Gurugram-based Smartworld Developers on Thursday acquired a 6-acre land parcel in Sector 98, Noida through an auction, announcing its entry into the city’s market. People in the know told Business Standard that the acquisition bid was made at Rs 414 crore.

 

“We are planning a mixed-use development comprising premium, branded residences, high street retail and serviced homes,” Ashish Jerath, president for sales and marketing at Smartworld Developers, told Business Standard.

 

The company said that the project will have a total development cost of Rs 2,000 crore, with the gross sale value projected at over Rs 3,000 crore.

 

The project is expected to generate employment opportunities for over 2,500 individuals during its development and operational phases.

 

Jerath added that the product will be launched formally after approvals come in approximately around a month’s time, with the completion timeline expected to be around four years.

 

Without naming the brand, he added that Smartworld is looking to bring a global branded residences brand to Noida. “The brand will be coming to India for the first time and globally is a very renowned brand,” Jerath said.

 

He added that in this location, with branded residences, the prevailing pricing is between Rs 30,000 to 35,000 per square foot and Smartworld is looking to be in the same segment.

 

The move comes even as the Noida market has been seeing an uptick in developer activity recently.

 

Commenting on the reasons for this, Jerath told Business Standard that while demand was always there, Noida’s real estate market remained subdued for many years due to past issues related to land acquisition processes and legacy stalled projects.

 

“However, a lot has changed now with regard to how land is acquired. All the developers who are coming there today have a strong delivery record,” he added.

 

Highlighting the acquisition process, Jerath said developers can today participate in Noida Authority auctions and get land parcels straight from the government, which are pre-approved in terms of ownership and floor area ratio (FAR).

 

“This cuts down any ambiguity about what will happen to land and approval process, leading to a very positive environment around Noida real estate as the demand has always been there,” he said.

 

Commenting on Smartworld’s future plan for Noida, Jerath added that while the focus is on getting the first project received well, the company will keep participating in the Noida Authority auctions that keep coming up.

 

“Noida will be a full-fledged region for us, just like Gurugram, with an active project pipeline going forward. We have established a full-fledged office with design, sales and project teams, all based out of Noida and built capacity not for one project, but for a long-term presence in that region,” he said.

 

Incepted in 2021, the Gurugram-based firm has delivered around 6.5 million square feet (msf) by receiving occupancy certificates and has another 20 msf currently under development.