The company said that it will be acquiring an entity owning 25.14-acre land in sector 71, Gurgaon along SPR. This land will be developed as a mixed development project comprising of housing and commercial components.
Listed real estate developer Signature Global is planning to launch new group housing projects having sales potential of Rs 8500 crore in the financial year 2023-24. These new projects are likely to come up along Dwarka Expressway and Southern Peripheral Road (SPR) in Gurugram, the company said in a regulatory filing.
The realty firm also plans to develop 25.41 acres of land in sector 71 Gurugram as a mix-land use project comprising residential as well as commercial segments.
These decisions were taken in the company’s board meeting on November 9, said the realty firm which was listed on the stock exchange in September 2023.
Pradeep Kumar Aggarwal, Chairman and Whole-Time Director of Signature Gloabl, said that the robust growth of the real estate market in the National Capital Region, particularly in Gurugram, is poised to take the lead in the coming years as initiatives focused on revitalizing SPR and the development along the Dwarka Expressway are driving this momentum.
“We are planning two new group housing projects — one in sector 37D along Dwarka Expressway and the other one in sector 71 Gurugram along SPR. The Dwarka Expressway Project has a development potential of 3 million sqft while the SPR one has 3.5 million sqft. Both projects will be mid-income group segment projects,” Aggarwal told Moneycontrol.
He said that the price of one apartment is likely to range between Rs 1.5 crore and Rs 2 crore in Dwarka Expressway project while for Sector 71 project it is likely to remain around Rs 2.5 crore to Rs 3 crore..
The company also informed that it has signed a definitive agreement to acquire 100 per cent stake in Gurugram Commercity Pvt Ltd (GCPL), which owns 25.14 acre land in Sector 71 Gurugram along SPR. The enterprise value of GCPL is Rs 495 crore.
“The acquisition of GCPL will result in the Company owning 25.14-acres in in sector-71, Gurugram, Haryana, with a development potential of approximately 5.49 million square feet,” the company said in the filing.
This land will be developed as a mixed development project comprising of housing and commercial components.
“The estimated capital expenditure on the project for land and approval purposes is expected to be approximately Rs 750 crore,” the company said.
Signature Global had in September launched its Initial Public Offering (IPO) to raise Rs 730 crore. The public issue, comprising fresh issue of shares worth Rs 603 crore and an offer-for-sale (OFS) of Rs 127 crore, was subscribed 11.88 times.
Signature Global’s pre-sales grew 4.23 percent to Rs 981.6 crore in the second quarter from a year earlier, after more than doubling to Rs 879.7 crore in the first quarter. The company reported a 65 percent growth in collections to Rs 1,327.4 crore in the first half of this financial year from Rs 804.8 crore a year earlier.
Pre-sales – residential units booked before their construction or completion – climbed 38 percent to Rs 1,861.3 crore in H1, the Gurugram-based real estate developer said in regulatory filing.
Source: Money Control