Signature Global Acquires 16-Acre Land in Gurugram for ₹300 Crore; Plans Premium Housing Project
Gurugram-based real estate developer Signature Global has acquired a 16.12-acre land parcel for about ₹300 crore in Gurugram. The company plans to develop a premium housing project with units priced between ₹3 crore and ₹4 crore.
Signature GlobalGurugramPremium HousingLand AcquisitionReal EstateReal Estate NewsJan 12, 2025
The company has plans to develop a premium housing project on this land, with apartments expected to be priced between ₹3 crore and ₹4 crore.
The total saleable potential of the project is estimated to be around 27 to 28 lakh square feet, as stated by a top company official.
The land, situated in Sector 71, Southern Peripheral Road, Gurugram, Haryana, has an overall potential developable area of approximately 2.73 million square feet.
In a regulatory filing dated 10 January 2025, Signature Global confirmed the acquisition of the land parcel.
Pradeep Kumar Aggarwal, chairman of Signature Global, highlighted the strategic importance of this acquisition.
“The land cost is approximately ₹300 crore.
We intend to launch a premium housing project on the land parcel.
The price of housing units will be in the ₹3 to ₹4 crore range, and the total saleable potential of the project is expected to be around 27 to 28 lakh sq ft,” he said.
Obtaining the necessary regulatory approvals to launch the housing project is expected to take at least six months.
Signature Global is also eyeing expansion into the Noida and Greater Noida housing markets.
In recent financial performance, Signature Global has reported a more than two-fold increase in sales bookings, reaching ₹2,770 crore.
This marks a significant improvement from the previous period when the company sold properties worth ₹1,260 crore.
In the fiscal year 2023-24, the company achieved sales bookings of ₹7,270 crore and has set an ambitious target of ₹10,000 crore for the current fiscal year.
Signature Global has traditionally focused on the affordable housing segment.
However, the company has recently shifted its strategy to focus on mid-income, premium, and luxury homes.
To date, the company has delivered 120 lakh square feet of housing area and has a robust pipeline of 350 lakh square feet of saleable area.
Motilal Oswal Financial Services, a respected brokerage firm, recently noted in its report that Signature Global is uniquely positioned to capitalize on the current demand in the real estate sector, driven by a project pipeline of 24.3 million square feet.
The firm believes that this shift towards premium and luxury segments will help the company's balance sheet turn cash-positive by the end of 2024-25.
The strategic move to premium segments aligns with the growing trend in Gurugram, where the demand for high-end residential properties is on the rise.
With this acquisition, Signature Global is set to further solidify its position in the real estate market and cater to the evolving needs of homebuyers in the region.
Frequently Asked Questions
What is the total cost of the land acquired by Signature Global in Gurugram?
The total cost of the land acquired by Signature Global in Gurugram is approximately ₹300 crore.
What is the expected price range of the housing units in the new project?
The price of housing units in the new project is expected to be in the range of ₹3 crore to ₹4 crore.
What is the total saleable potential of the project?
The total saleable potential of the project is expected to be around 27 to 28 lakh square feet.
How long will it take to obtain regulatory approvals for the project?
It is expected to take at least six months to obtain the necessary regulatory approvals to launch the housing project.
What is Signature Global's sales booking target for the current fiscal year?
Signature Global has set a sales booking target of ₹10,000 crore for the current fiscal year.
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