NEW DELHI, Feb 15: Realty firm Signature Global plans to develop a branded luxury housing project in Gurgram with an estimated revenue of around Rs 5,000 crore, a top company official said.
Signature Global Chairman Pradeep Aggarwal expressed confidence that the company will achieve the revised sales bookings target of Rs 10,300 crore for the current fiscal.
He also highlighted that construction activities, which were affected in the December quarter due to a ban in view of high pollution levels, have accelerated now across its various projects in Gurugram and that the company expects a sharp increase in revenue recognition during the January-March period.
Signature Global, which was the fifth-largest listed realty firm last fiscal in terms of sales bookings, owns 25 acres of land at Southern Peripheral Road, Gurugram, to develop a large mixed-use project. It has carved out 7 acres of land for branded homes, while the remaining 18 acres will comprise office, retail and hospitality spaces.
“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 Rs 5,000 crore,” Aggarwal said.
The company is in talks with hospitality chains for a branded housing project, he said, adding that the project would be launched in 5-6 months for sale.
Aggarwal noted that the demand for branded homes is strong across major cities.
For the development of the 18-acre land, Signature Global on Saturday formed a joint venture with Bengaluru-based RMZ Group.
Both partners would build a commercial project with a total investment of around Rs 7,500 crore.
The commercial project will have a leasable area of 55 lakh square feet, of which 35 million sq ft would be prime office space, while the remaining would be retail spaces and two hotels.
As part of the transaction, Signature Global subsidiary firm Gurugram Commercity Ltd (GCL) and RMZ entity Millennia Realtors have entered into a Securities Subscription and Purchase Agreement (SSPA).
Under the SSPA, RMZ entity will acquire a 50 per cent equity stake in GCL through a combination of share purchase and share subscription, for an aggregate consideration of up to Rs 1,283 crore.
Signature Global has delivered 16.5 million square feet of real estate so far, mostly in Gurugram. It is building many housing projects across various micro-markets of Gurugram.
In the 2024-25 fiscal year, Signature Global sold properties worth Rs 10,290 crore.
Initially, the company set a target of Rs 12,500 crore sales bookings for this fiscal, but later revised downwards to Rs 10,300 crore, the same as last fiscal, in view of softening of housing demand in Gurugram. (PTI)
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