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Signature Global plans to launch a branded luxury housing project in Gurugram with an estimated revenue potential of around INR 5,000 crore. The project will be developed on a 7-acre parcel within its 25-acre landholding on Southern Peripheral Road (SPR), offering about 20 lakh sq ft of saleable area. Chairman Pradeep Aggarwal said the company is in talks with hospitality chains for brand association and expects to launch the project in 5-6 months. He also expressed confidence of achieving the revised sales bookings target of INR 10,300 crore this fiscal. The remaining 18 acres will be developed into a large commercial project in partnership with RMZ Group, with an estimated investment of INR 7,500 crore.
Signature Global plans to develop a branded luxury residential project in Gurugram with a revenue potential of around INR 5,000 crore, as part of its broader expansion strategy in the city's premium housing segment. Advertisement
Chairman Pradeep Aggarwal said the company will develop the project on a 7-acre parcel carved out from its 25-acre landholding on Southern Peripheral Road (SPR), one of Gurugram's fast-emerging real estate corridors. The proposed project will have a total saleable area of approximately 20 lakh square feet.
We will come up with a branded luxury residential project on 7 acres of land parcel with a total saleable area of 20 lakh square feet. The total revenue potential is estimated at INR 5,000 crore, Aggarwal said.
The company is currently in discussions with leading hospitality chains to partner on the branded housing concept. Aggarwal noted that demand for branded residences remains strong across major cities, driven by buyers seeking premium amenities, brand assurance and better asset value. He said the project is likely to be launched for sale within the next five to six months.
The remaining 18 acres of the 25-acre land parcel will be developed as a large mixed-use commercial project. For this, Signature Global has formed a 50:50 joint venture with Bengaluru-based RMZ Group. The commercial development will entail a total investment of around INR 7,500 crore and will feature a leasable area of 55 lakh square feet.
Of the total commercial space, around 35 lakh sq ft will be developed as prime office space, while the rest will include retail spaces and two hotels. As part of the transaction, Signature Global's subsidiary Gurugram Commercity Ltd (GCL) and RMZ entity Millennia Realtors have entered into a Securities Subscription and Purchase Agreement (SSPA). Under the agreement, RMZ will acquire a 50 per cent equity stake in GCL for up to INR 1,283 crore through a mix of share purchase and subscription.
Aggarwal also expressed confidence that the company will achieve its revised sales bookings target of INR 10,300 crore for the current fiscal year. Initially, Signature Global had set a target of INR 12,500 crore but later revised it downward due to softening housing demand in Gurugram.
He noted that construction activities, which were temporarily affected during the December quarter due to pollution-related restrictions, have now accelerated across projects. The company expects a sharp increase in revenue recognition during the January-March period.
Signature Global has delivered 16.5 million square feet of real estate so far, largely in Gurugram, and remains focused on expanding across key micro-markets in the city.
Source - PTI
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