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In the next six months, Signature Global (India) plans to start eight to ten million square feet of residential projects in Gurugram’s sectors 71, 84, 37-D, and along Sohna road, according to the company’s chairman and full-time director, Pradeep Aggarwal.
A collaborative development agreement for a 2.8-acre property lot was also inked by the corporation. Out of our development potential of 15 million square feet, we will start with three million square feet in sector 71.
A 130-acre plot of land along Sohna Road will be the site of our four million square foot Haryana Enterprises and Employment Policy-2020 launch. About 0.8 million square feet will be launched in sector 84, and 0.3 million square feet in sector 37-D.
Signature Global Is Focusing On Middle And Upper Class Homebuyers
The cost of a house in the Sohna project will be about Rs 1-1.5 crore for middle-class buyers and Rs 4-5 crore for upper-class buyers in the Sector 71 project. The business said it had 5.75 million square feet of development potential in sector 71 in the DRHP, but that amount has since grown to 15 million square feet.
By 2026, the business expects to have completed projects valued between Rs 11,000 and Rs 20,000 crore. The firm reported a loss after tax of Rs 63 crore in FY23, on revenue of around Rs 1,535 crore. The company’s revenue for the nine months that ended on December 31, 2023, was Rs 546 crore. In Q3 of FY24, its profit after tax was Rs 2.17 crore.
How Signatureglobal Is Focusing On All Segment Homebuyers
About 3,100 apartments under lower mid-income (properties under Rs 1 crore) and 1,000 apartments under upper mid-income (Rs 3-4 crore) were provided by the firm. Its emphasis will be mostly on the higher mid-income sector in the upcoming fiscal year.
“The revenue figure was greater in the previous fiscal year since the majority of the projects we completed were affordable housing. We are concentrating more on mid- and upper-mid-income housing developments this year. Therefore, at the end of this fiscal year, we hope to report a profit,” Aggarwal stated.
For the fiscal year 2023–2024, the firm provided a pre-sales target of Rs 4,500 crore, which they currently anticipate surpassing and reaching to the tune of Rs 7,200–Rs 7,500 crore by the end of March 2023.
The business had set a target of Rs 6,000 crore for FY25, but it has now increased that goal to Rs 9,500 crore, based on the estimate of pre-sales of Rs 4,500 crore for FY24.
“We always like to offer advice that is grounded in reality. Since the real estate market is so unpredictable, we must weigh all potential outcomes before determining on our ultimate goal numbers.
Signature Global Sales Target For Upcoming Financial Year
In addition, we stated that we planned to increase by a percentage of 25 to 30 percent annually. We’ll keep growing at a similar rate in the upcoming fiscal year, too,” Aggarwal declared.
The business had planned to launch several projects in March 2024, but it has now rescheduled them for the April–June 2024 quarter of FY25. He gave the following explanation for the delay: “We cannot bring in big goods on the market since we recently sold the inventory.
We are now considering introducing additional projects in the upcoming quarter because we had previously said that we would be launching projects worth Rs 8,500 crore, all of which have already sold out.
Signature Global Is Adapting Marketing Strategies
A business must adapt to changing market conditions and consumer demands. We would not have survived if we had simply focused on the cheap housing market since the rising cost of land and building materials makes it unfeasible to generate inexpensive houses.
He claims that even though land prices have gone up recently, they are still within a reasonable range. Additionally, product prices have gone up during the same period of time, enabling builders to turn a profit.
Signature Global DE LUXE-DXP Premium Residential Project
The DE LUXE-DXP residential development project, located in Sector 37D, Gurugram, was recently introduced by the business. This project, which occupies 16.5 acres, has a 2.7 million square foot sales potential.
The company claims to have made pre-sales of Rs 3,600 crore. Within the next four to five years, it intends to invest around Rs 2,200 crore on the project. The project was started at an average cost of Rs 13,000 per square foot.
Remarkably, 5.5 times as many expressions of interest were received as there were flats available. Boston Consulting Group was brought on board by the firm to assist with the creation of the online process, the collection of buyer data, and the examination of applications and profiles through the use of various matrix tools, including social media.
This assisted them in locating and choosing the purchasers. Twenty to twenty-five percent of the purchases were investors, and about thirty percent were NRIs or from large corporations.
Signatureglobal Business Park Gurgaon
The board of directors of the company has approved the investment of Rs 29.90 crore in the 2.99 crore equity shares of Rs 10 each of Signatureglobal Business Park (SBPPL), a wholly-owned subsidiary, for cash at par. This action was taken in order to comply with the requirement of minimum paid up capital of Rs 35 crore.
The Directorate of Town and Country Planning (DTCP), Haryana, has issued a Letter of Intent (LOI) to SBPPL for the establishment of a project spanning 128.69 acres. One of the DTCP’s requirements is that SBBPL guarantee that it has a minimum paid-up capital of Rs. 35 crores.
Source-ET
