Smartworld Developers sells properties worth Rs 3,500 cr in FY23

New Delhi: Realty firm Smartworld Developers on Tuesday said it achieved sales bookings of Rs 3,500 crore in the last fiscal.

In a statement, Smartworld Developers said it has sold about 1,438 residential units and 2.87 million square feet of area in 2022-23.

The company, which is part of real estate firm M3M Group, did not provide the sales bookings number for the previous year.

Smartworld Developers is targeting to achieve Rs 7,000 crore sales bookings in 2023-24 and also planning to enter two new geographies with premium to luxury projects.

"Setting new benchmarks, in FY23, we have witnessed sales worth Rs 3,500 crore," Vivek Singhal, CEO of Smartworld Developers, said.

The company aims to continue its growth trajectory and target to achieve sales worth Rs 7,000 crore in FY24, as it expands into two new geographies, including Noida and Bengaluru with premium to luxury residential projects, Singhal added.

Earlier in the year, the company secured Rs 250 crore of investment from Motilal Oswal. The funds are being utilised for company's expansion.

In its very first year, the company has already prepaid its initial investments of Rs 400 crore from Piramal Group and IIFL against the contracted timelines of 2-3 years.

Smartworld Developers is also eyeing expansion in key real estate markets such as Noida, Mumbai Metroplitan Region (MMR), Pune, Bengaluru, Goa and Hyderabad soon.