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According to the corporation, it will be purchasing a business that owns 25.14 acres of land in Gurgaon’s sector 71 along the SPR. This property will be used for a mixed-use complex that will include both residential and commercial space.
In the fiscal year 2023–2024, listed real estate developer Signature Global intends to introduce new group housing projects with a potential sales value of Rs. 8500 crores.
The company stated in a regulatory filing that these new developments are probably going to be built in Gurugram near the Dwarka Expressway and Southern Peripheral Road (SPR).
The real estate company also intends to build a mixed-use project on 25.41 acres of land in Gurugram’s sector 71, which will include both residential and commercial spaces.
The real estate company, which went public on the stock exchange in September 2023, stated that these choices were made during the company’s board meeting on November 9.
Signature Global Ambitious Expansion Plans In Gurugram
The Delhi-NCR real estate market, particularly in Gurugram, is expected to grow at a robust rate in the upcoming years due to initiatives aimed at uplifting SPR and the development along the Dwarka Expressway, according to Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of Signature Global.
The company developing two new group home projects: one in sector 71 Gurugram along SPR and one in sector 37D alongside the Dwarka Expressway. The SPR project offers development potential of 3.5 million square feet, whilst the Dwarka Expressway project has 3 million square feet. Both projects are intended for the mid-income group segment.
According to the company director, the cost of a single apartment in the Dwarka Expressway project is possibly going to be between Rs 1.5 and Rs 2 crore, while the pricing for the Sector 71 project is most likely going to stay between Rs 2.5 and Rs 3 crore.
Signature Global Strategic Land Acquisition In Gurugram
Additionally, the business said that it has finalized an agreement to purchase a 100% share in Gurugram Commercity Private Limited (GCPL), the owner of a 25.14-acre plot of property in Sector 71 Gurugram along SPR. GCPL has an enterprise value of Rs 495 crore.
As per the recent news, the Company will own 25.14 acres of land in sector-71, Gurugram, Haryana, with a development potential of approximately 5.49 million square feet as a result of the acquisition of GCPL, the business stated in the filing.
This property will be used for a mixed-use complex that will include both residential and commercial space. The company stated that the projected capital investment for the project, including land and approval fees, is anticipated to be around Rs 750 crore.
Signature Global Financial Overview and IPO Success
In a successful effort to collect Rs 730 crore, Signature Global held its Initial Public Offering (IPO) in September this year. The public offering consisted of a new share offering valued at Rs 603 crore and an offer for sale (OFS) for Rs 127 crore, received 11.88 subscriptions.
Pre-sales for Signature Global more than doubled to Rs 879.7 crore in the first quarter and then increased 4.23 percent to Rs 981.6 crore in the second quarter compared to the same period last year. From Rs 804.8 crore to Rs 1,327.4 crore in the first half of this financial year, the corporation claimed a 65 percent increase in collections.
Pre-sales, or residential units reserved before they are built or completed, increased 38% to Rs 1,861.3 crore in the first quarter, according to a regulatory filing from the real estate developer located in Gurugram.
Source- Moneycontrol
