Signature Global Invests INR 300 Crore to Acquire Land in Gurugram for Premium Housing Project
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Signature Global, a prominent player in India's real estate sector, has made a significant investment of INR 300 crore to acquire a prime 16.12-acre land parcel in Sector 71, Southern Peripheral Road, Gurugram, Haryana. The acquisition underscores the company's confidence in the growing demand for mid-income and premium housing projects in the region.
Chairman Confirms Premium Housing Project Plans
Speaking on the development, Pradeep Kumar Aggarwal, Chairman of Signature Global, revealed that the newly acquired land would host a premium housing project. "We have purchased this land outright to develop a premium residential complex with a total development potential of 27-28 lakh square feet," Aggarwal stated.
Shift from Joint Development to Outright Purchase
The chairman further highlighted that this land, previously tied to a joint development agreement with the landowner, has now been fully acquired by the company. Aggarwal noted that this outright purchase was financed through internal accruals, demonstrating the company's strong financial position and operating surplus.
Project Timelines and Expansion Plans
The company is preparing to launch the project within the next six months, pending design finalizations and regulatory approvals. Beyond this project, Signature Global remains focused on expanding its footprint across Delhi-NCR, with plans to enter the Noida and Greater Noida markets soon.
Demand Surge for Premium Housing Drives Growth
Aggarwal attributed the company's growth to strong demand for mid-income and premium housing. In early January, Signature Global reported a remarkable sales booking increase, rising over two-fold to INR 2,770 crore from INR 1,260 crore in the same period last year. The chairman credited customer trust as a key driver of this performance.
Ambitious Sales Targets for the Fiscal Year
In FY 2023-24, Signature Global achieved sales bookings of INR 7,270 crore and has set an ambitious target of INR 10,000 crore for the current fiscal year. Aggarwal expressed confidence in meeting these goals, with the average ticket size per unit standing at around INR 2.5 crore during the first nine months of the fiscal year.
Evolving Strategy: Focus on Premium Housing
Having initially concentrated on affordable housing, Signature Global has shifted its focus to mid-income, premium, and luxury housing segments. The company has delivered 120 lakh square feet of housing area to date and has a strong pipeline of 350 lakh square feet of saleable area across upcoming projects. Additionally, 158 lakh square feet of ongoing projects are expected to be completed within the next 2-3 years.
Highlights of the Announcement
- Investment Details: Signature Global acquires a 16.12-acre land parcel in Gurugram for INR 300 crore.
- Project Potential: Development potential of 27-28 lakh square feet for a premium housing project.
- Financial Strategy: Acquisition funded entirely through internal accruals, indicating financial robustness.
- Sales Milestones: Sales bookings surged to INR 2,770 crore in early January, with FY 2023-24 bookings at INR 7,270 crore.
- Expansion Goals: Plans to enter Noida and Greater Noida markets while strengthening its presence in Delhi-NCR.
- Focus Shift: Transitioning from affordable housing to premium and luxury segments.
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