Surge in Demand Fuels Signature Global's Q1 Sales Bookings to Rs 3120 Cr
Signature Global, a leading real estate developer in India, has reported a significant jump in sales bookings for the April-June quarter, driven by high demand for its housing projects.
Real EstateSales BookingsSignature GlobalHousing DemandAffordable HousingReal EstateJul 07, 2024
Founded in 2014, Signature Global initially focused on affordable housing projects but has since expanded its presence into mid-income, premium, and luxury housing segments. The company's sales bookings stood at Rs 820 crore in the year-ago period, and the current figure represents a significant growth.
According to a regulatory filing, Signature Global sold 968 units in the first quarter of this fiscal against 894 units in the corresponding period of the previous year. In terms of volume, its sales bookings more than doubled to 2.03 million square feet from 0.91 million square feet a year earlier.
Signature Global Chairman Pradeep Kumar Aggarwal attributed the company's success to its focus on affordable and premium housing projects. 'We ended the last fiscal year on an exceptional note, exceeding our guidance by a substantial margin in both pre-sales and collections. This fiscal year, we have set an ambitious target of achieving Rs 10,000 crore in pre-sales. Remarkably, in the first quarter alone, we have already surpassed 30 per cent of this target,' he said.
The company has received a strong response from customers for its premium residential projects, which were launched in the last few quarters. Signature Global sold properties worth Rs 7,270 crore in 2023-24 and has set a sales bookings target of Rs 10,000 crore for the current fiscal.
The real estate sector has been performing well in the last two years, driven by a surge in housing demand. Post-COVID pandemic, end-users and investors have shown high interest in buying residential properties. Sales have risen despite a sharp increase in prices during the past two years.
About Signature Global Signature Global is a Gurugram-based real estate developer that has so far delivered 10.4 million square feet of housing area. The company has a robust pipeline of about 32.2 million square feet of saleable area in its forthcoming projects and 16.4 million square feet area in its ongoing projects.
Information The Indian real estate market has been witnessing a surge in demand over the past two years, driven by a combination of factors such as low interest rates, government incentives, and a shift in consumer preferences towards owning a home. The sector has been performing well, with many listed realty firms reporting strong sales and revenue growth.
Frequently Asked Questions
What was the sales bookings figure for Signature Global in the April-June quarter?
Rs 3,120 crore
What was the sales bookings figure for Signature Global in the year-ago period?
Rs 820 crore
How many units did Signature Global sell in the first quarter of this fiscal?
968 units
What is the sales bookings target for Signature Global for the current fiscal?
Rs 10,000 crore
How much area has Signature Global delivered so far?
10.4 million square feet
Related News Articles
Noida's Luxury Revolution: What's Driving Up Flat Rates?
Noida and Greater Noida, once known for affordable and mid-segment properties, have emerged as hotspots for premium real estate over the past five years.
Mumbai Sees 64% Surge in Office Leasing in First Half of 2024
Mumbai's office leasing market recorded a significant growth of 64% in the first half of 2024, with technology companies leading the demand.
Kolte-Patil Developers Shares Plummet to 52-Week Low After Disappointing Q1 Results
The real estate developer's weak Q1FY25 results led to a 4% drop in share price, hitting a fresh 52-week low of Rs 357 per share.
Adani Group to Build ₹83,947 Crore Semiconductor Plant in Maharashtra with Israeli Partner
The Adani Group is set to construct a semiconductor fabrication plant with its Israeli partner, Tower Semiconductor Ltd, with an investment of ₹83,947 crore.
Royal Enfield Unveils Exclusive Apparel Brand Store in Pune, India's Motorcycling Hub
Pune's vibrant motorcycling culture gets a boost with Royal Enfield's first exclusive apparel brand store, offering premium riding gear and lifestyle apparel.
TT&A, ELP Facilitate ₹110 Crore Share Sale by Intu Properties to Apax Trust
This significant transaction marks a major milestone for Intu Properties, which has been in administration in the UK since 2020, as it divests its entire portfolio of assets in India. Prozone Realty, a prominent real estate developer, is at the center of