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  1. Signature Global invests nearly ₹300 crore to buy land in Gurugram for new housing project: Chairman

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Signature Global invests nearly ₹300 crore to buy land in Gurugram for new housing project: Chairman

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3 min read | Updated on January 13, 2025, 09:35 IST

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SUMMARY

The company's initial focus was primarily on the affordable housing segment, but now it is largely concentrating on mid-income, premium, and luxury homes.

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

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

Real estate company Signature Global has bought 16.12 acres of land in Gurugram for nearly ₹300 crore to develop a housing project, as it remains bullish on demand for mid-income and premium residential properties.

The land is located on Sector 71, Southern Peripheral Road, Gurugram, Haryana.

"We have purchased a 16-acre land parcel in Gurugram for the development of a premium housing project," Signature Global Chairman Pradeep Kumar Aggarwal told PTI.

He said the total development potential in this project will be 27-28 lakh sq ft area.

About the land cost, Aggarwal said the total investment on the purchase of land is nearly ₹300 crore.

He said the company had earlier done a joint development agreement with the landowner but now it has cancelled the same and bought the land parcel outrightly.

Aggarwal said the company has bought this land using internal accruals, as the company is generating an operating surplus.

He said it will take at least six months for designing and obtaining regulatory approvals to launch a housing project on this land parcel.

Signature Global will continue to look for land parcels in Delhi-NCR. It intends to enter the Noida and Greater Noida housing markets, seeking to expand its footprint from Gurugram where it has a significant market share.

Aggarwal said the demand continues to be strong for mid-income and premium housing.

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.

Aggarwal attributed the growth in sales bookings to customers' trust in the company.

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.

Aggarwal expressed confidence in achieving the sales bookings guidance comfortably.

"Our average ticket size during the first nine months of this fiscal year has been around ₹2.5 crore per unit. The demand in this premium segment has been very robust because of inadequate supply," he said.

Initially, Signature Global focused on the affordable housing segment, but now it is largely concentrating on mid-income, premium, and luxury homes.

The company has so far delivered 120 lakh sq ft of the housing area and has a robust pipeline of 350 lakh sq ft of saleable area in its forthcoming projects, along with 158 lakh sq ft of ongoing projects, set for execution over the next 2-3 years.

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