Gurugram-based real estate firm Signature Global has bought a 16.12-acre land in Gurugram for nearly ₹300 crore and plans to develop a premium housing project with apartments priced between ₹3 crore and ₹4 crore.
The total saleable potential of the project is expected to be around 27 to 28 lakh sq ft, a top company official said.
The company earlier said in a regulatory filing that it has executed a Sale Deed dated 10 January 2025 to acquire a land parcel measuring approximately 16.12 acres situated at Sector 71, Southern Peripheral Road, Gurugram, Haryana. The said land has an overall potential developable area of approximately 2.73 million square feet, it had said.
“The land cost is approximately ₹300 crore. We intend to launch a premium housing project on the land parcel. The price of housing units will be in the ₹3 to ₹4 crore range, and the total saleable potential of the project is expected to be around 27 to 28 lakh sq ft,” said Pradeep Kumar Aggarwal, chairman, Signature Global.
He said it may take at least six months to obtain regulatory approvals to launch the housing project.
Signature Global also intends to enter the Noida and Greater Noida housing markets.
Earlier this month, Signature Global reported a more than two-fold jump in sales bookings to ₹2,770 crore. The company had sold properties worth ₹1,260 crore in the year-ago period. In 2023-24, Signature Global achieved sales bookings of ₹7,270 crore and has set a target of ₹10,000 crore in the current fiscal year.
Shift from affordable to premium homes
Signature Global has always focused on the affordable housing segment but has recently shifted to mid-income, premium, and luxury homes.
The company has delivered 120 lakh sq ft of housing area so far and has a robust pipeline of 350 lakh sq ft of saleable area.
Motilal Oswal Financial Services, a brokerage firm, recently pointed out in its report that the company is well-positioned to capitalise on the ongoing demand in the real estate sector, driven by a project pipeline of 24.3 msf. Its decision to shift from affordable housing to the premium segments is expected to help the balance sheet turn cash-positive by the end of 2024-25.
