Signature Global to launch Rs 8,500-cr realty projects in FY23-24 acquires 25.14 acres in Gurugram
Real estate company, Signature Global on Monday also said that it comes with the new group housing project in Gurugram at locations such as Dwarka Expressway and Southern Peripheral Road (SPR) with an estimated sales potential of over rs 8,500 cr for the current fiscal year 2023-24.
The company’s board also green signal to the expansion plans during its meeting on November 9.
The company has also entered into definitive agreements and is going to acquire 25.14 acres of land in sector 71, Gurgaon. This is also going to be developed as a mixed-use development project which comes with housing and commercial components. This is also estimated capital expenditure on the project for land and approval purposes is expected to be approximately rs 750 crore.
Pradeep Kumar Aggarwal, Chairman and whole-time director of Signature Global commented, “The robust growth of the real estate market in the national capital region, particularly in Gurugram is also poised to take the lead in the coming year. It has also initiatives focused on the revitalization of SPR and the development along the Dwarka Expressway are driving this momentum.”
He also commented that the Gurugram is also currently coming up with the completion of numerous substantial public infrastructure projects. It also significantly bolsters the real estate in the area. “We also come with the leverage of the high level of customer interest in this region to fortify our project pipeline, therefore propelling our growth even further.”
The Millennium City Gurugram has also witnessed the completion of several large infrastructure projects. The Dwarka Expressway is also expected to be flagged in the next few months by the NHAI. It is also going to be a big boost for the real estate sector of the city. Tons of housing and commercial projects have also developed on this stretch and long-awaited compilation of the Dwarka Expressway.
In the past few months, the housing project on Dwarka Expressway has also witnessed strong customer interest. The Haryana government recently announced that it would revamp SPR with an estimated cost of Rs 850 crore as this is also going to enhance the real estate potential of the location.
During the end of the first half, Sep 30, 2023, Signature Global recorded its best-ever pre-sales at Rs 1,861.4 crore. For the end of the July-September 2023 quarter, the pre-sales have already grown 4.2 percent to Rs 981.6 crore. Signature Global has also reported the best-ever growth of 65% in the collections at Rs 1, 327.5 crore for the half-yearly period ending on September 30, 2023. For the second quarter, the collections have also risen 58 percent to rs 723.6 crore.