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Signature Global has indicated it will fall short of its FY26 sales bookings target of INR 12,700 crore due to a slowdown in demand in Gurugram's luxury housing segment. The company, however, aims to match its previous fiscal year's performance of INR 10,290 crore in sales bookings. During the December quarter, sales bookings declined 27 per cent year-on-year to INR 2,020 crore, while bookings for the first nine months of the fiscal fell 23 per cent to INR 6,680 crore. The moderation in demand follows sharp post-pandemic price increases in the Gurugram residential market, impacting buyer sentiment and transaction volumes.
Real estate developer Signature Global has said it will not be able to achieve its previously stated sales bookings guidance of INR 12,700 crore for the current financial year, citing a softer market environment and slowing demand in Gurugram's luxury housing segment. The company, however, plans to make efforts to maintain sales at levels achieved in the previous fiscal year. Advertisement
In a regulatory filing, Signature Global acknowledged that market conditions have weakened compared to earlier expectations. While the annual pre-sales guidance appeared achievable a few months ago, the recent slowdown has altered the outlook. The company now aims to reach sales bookings closer to INR 10,290 crore, which it recorded in the last financial year.
For the quarter ended December, Signature Global reported sales bookings of INR 2,020 crore, marking a 27 per cent decline compared to INR 2,770 crore in the corresponding period of the previous year. The impact of slower demand was also evident in volumes, with the company selling 408 units during the quarter, sharply lower than the 1,518 units sold in the same period last year.
During the first nine months of the current fiscal year, cumulative sales bookings stood at INR 6,680 crore, down 23 per cent from INR 8,670 crore in the year-ago period. Unit sales for the nine-month period fell to 1,746 units from 3,539 units a year earlier, reflecting subdued buyer activity.
Signature Global's entire residential portfolio is concentrated in the Gurugram market, which has witnessed a notable rise in property prices since the Covid-19 pandemic. The sharp appreciation has led to affordability pressures, particularly in the premium and luxury segments, contributing to the recent demand slowdown.
Despite the current headwinds, Signature Global remains among the leading listed real estate developers in the country. In the last fiscal year, the company emerged as the fifth-largest listed developer in terms of sales bookings. As of September last year, it had delivered approximately 16 million square feet of real estate.
Following the announcement, the company's shares declined 6.47 per cent to INR 943.65 on the BSE, reflecting investor concerns over near-term growth prospects.
Source - PTI
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