Signature Global and Landowners Partner for a ₹5,000 Cr Dream in Gurugram

Realty firm Signature Global has initiated a strategic collaboration with landowners to jointly develop housing projects in Gurugram, aiming for an estimated total revenue surpassing ₹5,000 crore. The company has recently finalized three distinct Joint Development Agreements (JDAs) with private landowners for the development of residential projects covering a combined land area of 21.38 acres, translating to a development potential of 32 lakh square feet of residential space.

Expressing the company's commitment to meeting the escalating demand for housing in major cities, Signature Global Chairman Pradeep Aggarwal outlined the revenue potential, stating that the expected sales realization from these JDAs is projected to exceed ₹5,000 crore.

The three JDAs encompass a collaboration for a 16.12-acre land parcel with a developable area of 25 lakh sq ft, a second agreement for 4.26 acres with a development potential of 5.3 lakh sq ft, and a third agreement covering approximately 1 acre with 1.9 lakh sq ft of development potential. All these land parcels are strategically located in Sector 71, Gurugram, adjacent to the company's existing projects.

Aggarwal highlighted the company's goal to launch these projects within the next 12-24 months. Concurrently, Signature Global reported a consolidated net profit of ₹2.17 crore in the quarter ending December, showcasing a substantial improvement from the net loss of ₹44.89 crore in the corresponding period of the previous year. The total income for the third quarter of the fiscal increased to ₹301.75 crore from ₹191.78 crore in the same period the previous year.

For the April-December period of the 2023-24 fiscal year, Signature Global's net loss narrowed to ₹24.93 crore from ₹71.36 crore in the same period of the previous year. The company achieved sale bookings of ₹1,262.73 crore during the third quarter, reflecting a noteworthy 47% YoY growth. Signature Global, listed on stock exchanges in September 2023, is renowned for its focus on mid-income and affordable housing segments in the Delhi-NCR region.

News by Rahul Yelligett