RMZ Group Invests ₹1283 Cr in JV with Signature Global for Mixed-Use Project in Gurugram

Realty firm Signature Global has formed an equal joint venture with RMZ Group to develop a mixed-use project in Gurugram. The Bengaluru-based firm, RMZ Group, is investing Rs 1,283 crore in the project.

In a regulatory filing, Signature Global stated that the joint venture will develop a mixed-use project comprising office buildings, hotels, and retail spaces on the Southern Peripheral Road (SPR) in Gurugram. The project aims to create a vibrant and integrated community space that meets the growing demand for commercial and lifestyle amenities in the region.

Under the agreement, Signature Global and RMZ will form a 50:50 joint venture. RMZ has committed an investment of Rs 1,283 crore to acquire a 50 per cent equity stake in the project. As part of the transaction, Gurugram Commercity Ltd (GCL), a wholly-owned subsidiary of Signature Global, and Millennia Realtors, an RMZ entity, have entered into a Securities Subscription and Purchase Agreement (SSPA).

Under the SSPA, RMZ 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. The project will have a Floor Space Index (FSI) of 3.94 million square feet, making it a significant addition to the real estate landscape in Gurugram.

The proposed mixed-use development marks Signature Global's first major foray into large-scale commercial real estate development within its existing land portfolio. This strategically significant milestone underscores the company's commitment to diversifying its portfolio and capitalizing on the robust growth prospects in the region.

The total capital value of the development upon completion is expected to be in the range of Rs 14,000-16,000 crore. This ambitious project is poised to transform the skyline of Gurugram and set new benchmarks for integrated mixed-use developments in the country.

Signature Global is one of the leading real estate developers in India, known for its innovative and sustainable projects. The company has a strong track record of delivering high-quality developments and has been at the forefront of shaping the real estate landscape in various cities across the country.

Bengaluru-based RMZ Group is primarily focused on commercial real estate. With a portfolio of over 30 million square feet of developed and under-development projects, RMZ Group has established itself as a leader in the commercial real estate sector. The group's expertise in developing and managing large-scale projects aligns perfectly with the vision for the mixed-use development in Gurugram.

This joint venture between Signature Global and RMZ Group is expected to leverage the strengths of both companies, combining Signature Global's local market expertise with RMZ Group's extensive experience in commercial real estate development. The project is likely to attract significant interest from investors and end-users, contributing to the economic and social development of Gurugram.