Signature Global, a Delhi-NCR based real estate developer, plans to build over 21 million square feet residential projects over the next six to seven years, according to the company’s CEO, Rajat Khaturia.
Signature Global is all set to launch its IPO on September 20, will build 19 low- and middle-income developments in Gurugram and its catchment areas such as Sohna Elevated Road and Manesar.
“We plan to build 21.29 million square feet of affordable housing for the middle-income segment on 379.07 acres of land.” The majority of this property will be developed over the next six to seven years. “We already have 17.2 million square feet under construction projects across 217 acres.
The company creates affordable group homes for the middle-income population. The Haryana Affordable Housing Policy, 2013, caps Rs 5,200 per square foot rate for units under this program.
According to the business’s Red Herring Prospectus as of March 31 this year, the company had finished 12 projects totalling 94.68 acres with a total saleable area of 6.15 million square feet, and had sold 10,737 units.
The public offering would include new shares worth Rs 603 crore as well as an offer-for-sale of shares belonging to the International Finance Corporation worth Rs 127 crore. The price range is Rs 366-385 per share.
Khaturia stated that the company’s goal is to have a project up and running within 18 months of purchasing the land. He also stated that, in addition to other areas, the three primary areas where its projects will be built are Gurugram sectors 37D, sector 71, and areas along the Sohna Elevated Road.
“The projects along the Sohna Elevated Road will cover approximately 138 acres; in sector 37D, it is approximately 25 acres, and in sector 71, it is approximately 40 acres,” he stated.
He stated that Signature Global employs aluminium foam sheets, which lowers building costs and makes the homes more inexpensive.
Khaturia also stated that the company has no plans to expand to other states or areas of Delhi-NCR such as Noida, Faridabad, Greater Noida, and so on.