Signature Global, the listed real estate developer, is set to unveil new group housing projects with a sales potential of Rs 8500 crore in the fiscal year 2023-24. The company announced its acquisition of a 25.14-acre land in sector 71, Gurgaon, along the Southern Peripheral Road (SPR). This expansive property will be developed as a mixed-use project, featuring both Residential and Commercial Properties.
In a regulatory filing, Signature Global revealed plans to launch these projects along Dwarka Expressway and Southern Peripheral Road in Gurugram. The decision was made during a board meeting held on November 9, shortly after the company’s listing on the stock exchange in September 2023.
Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of Signature Global, emphasized the robust growth of the real estate market in the National Capital Region, particularly in Gurugram. He stated that initiatives focused on revitalizing SPR and developing along the Dwarka Expressway are driving this momentum.
“We are planning two new group housing projects—one in sector 37D along Dwarka Expressway and the other in sector 71 Gurugram along SPR. The Dwarka Expressway Project has a development potential of 3 million sqft, while the SPR one has 3.5 million sqft. Both projects will target the mid-income group segment,” Aggarwal told Moneycontrol.
The estimated apartment prices are expected to range between Rs 1.5 crore and Rs 2 crore for the Dwarka Expressway project and Rs 2.5 crore to Rs 3 crore for the Sector 71 project.
Signature Global also disclosed its definitive agreement to acquire a 100 percent stake in Gurugram Commercity Pvt Ltd (GCPL), which owns the 25.14-acre land in Sector 71 Gurugram along SPR. The enterprise value of GCPL is Rs 495 crore.
“The acquisition of GCPL will result in the Company owning 25.14 acres in Sector 71, Gurugram, Haryana, with a development potential of approximately 5.49 million square feet,” stated the company in the filing.
This significant land acquisition will pave the way for a mixed-development project, integrating housing and Commercial Properties. The estimated capital expenditure on the project for land and approval purposes is projected to be around Rs 750 crore.
Signature Global, which raised Rs 730 crore through its Initial Public Offering (IPO) in September, reported substantial growth in pre-sales and collections. Pre-sales increased by 4.23 percent to Rs 981.6 crore in the second quarter, and collections grew by 65 percent to Rs 1,327.4 crore in the first half of this financial year.
The company continues to position itself for dynamic growth in the evolving real estate landscape, focusing on strategically located projects to meet the demands of the burgeoning market.