Real estate firm Signature Global has purchased 16.12 acres of land in Gurugram for nearly Rs 300 crore for developing residential projects as it remains bullish on the demand for middle-income and luxury homes.
The land is located at 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 Agarwal told PTI.
He said the project’s total developable area will be approximately 2.7 million to 2.8 million square feet.
When asked about the cost of land, Agarwal said the total investment for land purchase was close to Rs 300 crore.
He said the company previously had a joint development agreement with the landowner, but has now broken it and purchased the parcel outright.
Agarwal said the company purchased the land using internal accruals as it was generating operating surplus.
Signature continues to look for land parcels in the Delhi-NCR region.
The company intends to enter the Noida and Greater Noida housing market and expand its footprint from Gurugram, where it has a large market share.
Agarwal said demand for middle-income and luxury housing remains strong.
Earlier this month, Signature Global reported that its revenue more than doubled to Rs 2.77 billion.
The company sold real estate worth Rs 1.26 billion in the same period last year.
Agarwal said the increase in sales bookings was due to customer confidence in the company.
In 2023-2024, Signature Global will achieve a turnover of Rs 7,270 crore and has set a target of Rs 10,000 crore for the current financial year.
Mr. Agarwal expressed confidence that he would be able to comfortably complete the instruction.
Signature Global has delivered 1.2 million sq ft of residential area to date and has a strong portfolio of 3.5 million sq ft of salable area in upcoming projects, with 1.58 million sq ft of ongoing projects scheduled to be executed over the next two to three years. I have a pipeline. .
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