Smartworld Developers raises Rs 250 crore from Motilal Oswal, Real Estate News, ET RealEstate
NEW DELHI: Real estate company Smartworld Developers Pvt Ltd has raised Rs 250 crore from Motilal Oswal to build existing housing projects and fund future growth plans.
Smartworld Developers, which was established by M3M Group developers in 2021, announced in October last year an investment of around Rs 3,000 crore to develop the company’s first two residential projects in Gurugram.
The Rs 250 crore funding raised from Motilal Oswal will be used as growth capital and also for the development of existing housing projects, Smartworld Developers said on Sunday.
The company has launched two projects Smartworld Orchard and Smartworld GEMS in Gurugram.
Smartworld Developers has recorded sales of over Rs 4,000 crore so far. It has projects worth Rs 25,000 crore and development potential of over 2.5 crore sq ft over the next five years.
Vivek Singhal, CEO of Smartworld Developers, said, “Even though last year was largely affected by the pandemic, our inaugural projects, Smartworld Orchard and Smartworld Gems, have been extremely well received by consumers.
The company plans to launch two more luxury projects in 2022-23.
“This new funding will further enhance our growth story. We are also in preliminary talks with various domestic and international private equity (PE) players to set up a development platform for Smartworld’s upcoming projects,” Singhal said.
Smartworld also plans to expand into key property markets such as the Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Goa and Hyderabad in the near future, he said.
SmartWorld Developers has already prepaid Rs 400 crore collected from Piramal Group and IIFL.
Sharad Mittal, Executive Director and CEO, Property Funds, MO Alternates, said, “We have invested Rs 250 crore with Smartworld Developers.
“We remain bullish on the middle-income housing market in India,” he said.
MO Alternate Investment Advisors Pvt Ltd (MO Alternates) is the alternative investment arm of Motilal Oswal Financial Services Ltd (MOFSL) comprising property and sector funds. He has been investing in the Indian property space since 2009. He has managed cumulative assets of over Rs 5,500 crore across five property funds and PMS/NCD investments.