Signature Global and RMZ Join Forces to Develop ₹7,500 Crore Commercial Hub in Gurugram

NCR-based real estate developer Signature Global’s subsidiary firm Gurugram Commercity Ltd (GCL) and Bengaluru-based RMZ’s entity Millennia Realtors have entered into a Securities Subscription and Purchase Agreement (SSPA) to develop an 18-acre commercial project in Gurugram. The total investment for this project is around ₹7,500 crore, as announced on February 14.

The two firms have formed a 50:50 joint venture to develop the project located at Southern Peripheral Road (SPR), Gurugram. The project will have a leasable area of 55 lakh square feet, of which about 35 million sq ft would be prime office space, and the remaining area will be dedicated to retail spaces and two hotels with around 500 rooms each.

This proposed mixed-use development marks Signature Global’s first major foray into large-scale commercial real estate development within its existing land portfolio. RMZ has committed an investment of ₹1,283 crore to acquire a 50 per cent equity stake in the project.

As part of the transaction, RMZ, through its group entity Millennia Realtors Private Limited, will acquire a 50% stake in Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global, formalizing the 50:50 joint venture for the development of the project.

The joint venture brings together the strengths of both partners. Signature Global contributes strong execution and construction capabilities along with deep operational knowledge of the Delhi-NCR market, while RMZ brings its experience in designing, leasing, and managing large commercial and mixed-use developments.

The total capital value of the development upon completion is expected to be in the range of ₹14,000–16,000 crore, positioning the project among the larger mixed-use developments in the region. Pradeep Aggarwal, founder and chairman, Signature Global (India) Ltd., said, “With this JV with RMZ Group, we are foraying into large-scale commercial real estate development in a big way.”

He added that the company, mainly in the housing segment, has created a platform with RMZ Group, which has the expertise to develop commercial assets. The total capital value of the development upon completion is expected to be in the range of ₹14,000-16,000 crore, he told reporters.

Manoj Menda, Corporate Chairman, Supervisory Board, RMZ, said the company intends to extend its partnership with Signature Global for commercial projects across the country. “This project aligns well with RMZ’s focus on developing institutional-grade design districts, i.e., integrated environments that bring together premium workplaces, hospitality, and curated retail within a cohesive urban framework. Signature Global’s execution capabilities and deep understanding of the Delhi-NCR market make them an ideal partner,” he said.

Menda also highlighted that office space demand in India remains resilient, driven largely by Global Capability Centres (GCCs), which continue to fuel the absorption of premium workspaces. He added that the shift towards work-from-home and hybrid arrangements has not weakened overall office demand, and expressed the view that artificial intelligence (AI) is unlikely to have a negative impact on employment in India.