Gurugram's Smartworld has committed contracts worth approximately Rs 1,400 Crore for its various projects in six months. For its upcoming project, Smartworld Sky Arc, the company has awarded the construction mandate to Varindera Constructions Limited for Rs 532 Crore. The project spans 6.9 acres and includes over 900 units in its first phase. Smartworld's total investment in the development of Sky Arc is approximately Rs 1,700 Crore.
Lately, the company was in the news when they awarded Ahluwalia Contracts (India) Ltd. the mandate for Smartworld The Edition. Smartworld Sky Arc is inspired by the iconic Marina Bay Sands. The project had a historic launch with units being sold out within 36 hours of launch. Since its launch, the project has appreciated by over 20 per cent.
Vivek Singhal, CEO of Smartworld Developers, said, "We are delighted to have VCL on board to construct Sky Arc. VCL has had a good track record, and we are confident that their expertise will play a significant role in realising our vision for Sky Arc."
Vivek Garg, Managing Director & CEO of Varindera Constructions Limited, said, "We are honoured to collaborate with Smartworld Developers on the prestigious' Sky Arc' project. Our team is committed to delivering exceptional quality and craftsmanship that aligns with Smartworld's vision of redefining the standards of luxury living."
Varindera Constructions has a turnover of Rs 1,500 Crore and many projects in its portfolio. Construction of Smartworld Sky Arc is set to commence in Q1 2025, and completion is expected within five years. Meanwhile, Smartworld is preparing to deliver five mn sq. ft of its inaugural projects, Smartworld Orchard and Smartworld Gems.
