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.
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