Signature Global Expands Footprint in Gurugram with 3.8-Acre Land Acquisition
Real estate developer Signature Global (India) Limited's shares surge nearly 4% after acquiring 3.8-acre land parcel in Gurugram, adding 6 lakh square feet of developable area.
Real EstateSignature GlobalLand AcquisitionGurugramStock MarketReal Estate NewsJun 14, 2024
The acquisition is expected to boost the company's growth prospects, given the strong demand for luxury housing projects in Gurugram. Signature Global reported a 112% jump in pre-sales and 62% growth in collections for FY24.
In a filing to the stock exchanges, the company said that its wholly-owned subsidiary, Sternal Buildcon Private Limited, has bought around 3.8 acres of land in Sector 37D, Gurugram. The acquisition, finalised through a sale deed dated June 13, 2024, has an overall potential developable area of about 6 lakh square feet.
On April 7, Signature Global (India) announced its operational performance for the quarter and financial year ended March 31, 2024. The company reported a 112% jump in pre-sales and 62% growth in collections on a year-on-year basis in FY24.
For FY24, Signature Global (India)’s pre-sales stood at ₹7,270 crore compared to ₹3,430 crore in the previous fiscal year. The real estate developer’s collections increased to ₹3,110 crore in FY24 against ₹1,920 crore in FY23, driven by strong demand for luxury housing projects mainly in Gurugram.
The company’s pre-sales booking for Q4FY24 was even better, growing at 240% to ₹4,140 crore, compared to ₹1,220 crore in Q4FY23. Collections for Q4FY24 rose 71% year-on-year (YoY) to ₹1,010 crore, compared to ₹590 crore in Q4FY23.
Signature Global (India)’s sales realisation jumped by 49.2% to ₹11,762 per sqft in FY24 against ₹7,886 per sqft in FY23.
Signature Global (India) Limited is a real estate developer focused on providing affordable and luxury housing projects in India. The company made its debut on the stock exchanges on September 27, 2023, with an initial listing price of ₹444 apiece on the NSE. Since then, the stock has surged by over 200%.
Signature Global (India) Limited is a leading real estate developer in India, known for its high-quality and affordable housing projects. The company has a strong presence in Gurugram and is committed to delivering world-class residential projects to its customers.
Frequently Asked Questions
What is the size of the land parcel acquired by Signature Global?
The land parcel acquired by Signature Global is 3.8 acres.
Where is the land parcel located?
The land parcel is located in Sector 37D, Gurugram.
What is the potential developable area of the land parcel?
The potential developable area of the land parcel is approximately 6 lakh square feet.
What was the percentage growth in pre-sales for Signature Global in FY24?
The percentage growth in pre-sales for Signature Global in FY24 was 112%.
What was the initial listing price of Signature Global on the NSE?
The initial listing price of Signature Global on the NSE was ₹444 apiece.
Related News Articles
LTCG Tax Amendment Proposal Brings Relief to Real Estate Sector
Real estate industry leaders welcome Finance Minister Nirmala Sitharaman's proposed amendment to the Finance Bill, which aims to provide significant relief on capital gains tax in property transactions.
The Luxury Housing Market in India: A Sustainable Growth Story?
The luxury residential market in India has experienced substantial growth over the past three years, driven by rapid urbanisation, increasing disposable incomes, and changing lifestyle aspirations.
Delhi Development Authority Takes Action Against Real Estate Scam Targeting Affordable Housing
The Delhi Development Authority (DDA) has filed a complaint against a real estate mafia involved in illegally selling flats under the PM Awas Yojna scheme. This scam has affected many low-income families who were promised affordable housing.
Roadway Solutions Gains Major Boost with Rs 47 Billion LOA for MSRDC Projects
In a significant development for the infrastructure sector, Roadway Solutions has secured a Letter of Award (LOA) worth Rs 47 billion for key projects under the Maharashtra State Road Development Corporation (MSRDC). This move is expected to accelerate th
Mumbai Commuters Protest Additional Helmet Storage Charges at Railway Parking Lots
Commuters using Western Railway’s parking lots in Mumbai have raised concerns over the imposition of extra charges for storing helmets. This additional fee, levied by parking contractors, has sparked discontent among riders, who view it as a deterrent to
Two Real Estate Dealers Arrested for Extortion Plot in Khammam, Firearms Seized
In a significant development, two real estate dealers have been arrested in Khammam, Telangana, for their involvement in an extortion plot. The police also seized three firearms during the raid. One of the accused, Riyaz, had been on the run but was final