Realty firm Signature Global has tied up with landlords to jointly develop housing projects in Gurugram with a total revenue potential of over Rs 5,000 crore.
The company has signed three separate joint development agreements (JDAs) with landlords to develop housing projects on a total of 21.38 acres of land parcel. The development potential in volume terms is 32 lakh square feet of residential space.
Signature Global Chairman Pradeep Aggarwal said the company has entered into JDAs to expand its business amid rising housing demand across major cities.
Asked about the revenue potential, Aggarwal told PTI, “The potential sales realisation will be in excess of Rs 5,000 crore from these JDAs.” Among three tie ups, the company has entered into a JDA for a 16.12-acre land that has 25 lakh sq ft of developable area.
The second JDA is for 4.26 acres having 5.3 lakh sq ft development potential, while the third JDA is of around 1 acre with 1.9 lakh sq ft of development potential. These land parcels are located in Sector 71, Gurugram and are adjacent to the company’s existing projects. These JDAs are with a few privately-owned companies.
Aggarwal said the company targets to launch these projects within next 12-24 months. Meanwhile, Signature Global reported a consolidated net profit of Rs 2.17 crore in the quarter ended December.
The company had posted a net loss of Rs 44.89 crore in the year-ago period. Total income rose to Rs 301.75 crore in the third quarter of this fiscal from Rs 191.78 crore in the corresponding period of the previous year.
During April-December period of 2023-24 fiscal, Signature Global’s net loss has narrowed to Rs 24.93 crore from a net loss of Rs 71.36 crore in the year-ago period.
Signature Global had posted a net loss of Rs 56.75 crore on a total income of Rs 1,585.87 crore in the 2022-23 financial year.
Last month, the company had informed that it has achieved sale bookings of Rs 1,262.73 crore during the third quarter of this fiscal, registering a 47 per cent growth annually.
The company, which got listed in September 2023 on stock exchanges, had achieved sale bookings of Rs 856.77 crore in the year-ago period.
Signature Global sold 1,179 units during the October-December period of this fiscal as against 1,089 units in the same period of the previous financial year.
During April-December period of 2023-24 fiscal, Signature Global sold properties worth Rs 3,124.12 crore, up 41 per cent from Rs 2,209.78 crore in the year-ago period.
The company sold 3,135 units in the first nine months of this fiscal as against 3,113 units in the year-ago period.
Signature Global is one of the leading real estate developers in Delhi-NCR. It mainly focuses on mid-income and affordable housing segments. The Gurugram-based company had launched its maiden public offer last year to raise Rs 730 crore.
Source : FE
