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Signature Global, NCR based real estate company joined hands with Landlords to jointly build residential projects in Gurugram with a combined potential income of approximately ₹5,000 crores.
The real estate firm and landlords have inked three distinct joint development agreements (JDAs) for the building of dwelling developments on a combined 21.38 acres of land. In terms of volume, the development potential is 32 lakh square feet of residential area.
In response to growing housing demand in major cities, Signature Global Chairman Pradeep Aggarwal said the company has ventured into JDAs to grow its business.
When questioned by PTI on the possible revenue, Aggarwal stated, “The potential sales realisation from these JDAs will be in excess of ₹5,000 crores.
The business has signed a JDA for a 16.12-acre plot of land with 25 lakh square feet of developable space, one of three tie-ups.
The third JDA is around 1 acre with 1.9 lakh sq. ft. of development potential, while the second JDA is for 4.26 acres with 5.3 lakh sq. ft. of potential development.
These land lots are close to the company’s ongoing developments and are situated in Sector 71, Gurugram. There are a few privately held enterprises covered by these JDAs.
According to Aggarwal, the business hopes to begin these initiatives in the upcoming 12 to 24 months. In the meanwhile, during the quarter that ended in December, Signature Global declared a combined net profit of ₹2.17 crore.
In the same quarter last year, the firm reported a net loss of ₹44.89 crore. In the third quarter of current fiscal year, total income increased to ₹301.75 crore from ₹191.78 crore during the same period the previous year.
In the fiscal year 2023–24, Signature Global’s net loss from April to December decreased to ₹24.93 crore from ₹71.36 crore over the same period the previous year.
In the fiscal year 2022–2023 of Signature Global, the company reported a net loss of ₹56.75 crore on total income of ₹1,585.87 crores.
The firm said last month that it saw a 47% annual gain in sales bookings during the third quarter of current fiscal year, reaching ₹1,262.73 crores.
The firm earned selling bookings of ₹856.77 crore in the previous year, after becoming public on stock markets in September 2023.
Compared to 1,089 units sold in the same time of the previous fiscal year, Signature Global sold 1,179 units from October to December of this fiscal year.
In the 2023–24 fiscal year, Signature Global sold homes for ₹3,124.12 crores, a 41% increase over ₹2,209.78 crores during the same period last year.
Compared to 3,113 units sold during the same period last year, the business sold 3,135 units in the first nine months of current fiscal year.
One of the top developers of real estate in the Delhi-NCR is Signature Global. It mostly concentrates on the inexpensive and mid-income housing markets. In an effort to earn ₹730 crores, the Gurugram-based business held its first public offering last year.
Source-ET
