NCR-based real estate developer Signature Global’s subsidiary firm Gurugram Commercity Ltd (GCL) and Bengaluru’ based RMZ’s entity Millennia Realtors have entered into a Securities Subscription and Purchase Agreement (SSPA) to develop a 18-acre commercial project in Gurugram with a total investment of around ₹7,500 crore, the company said on Feb 14.
The two firms have formed a 50:50 joint venture to develop an 18-acre commercial project at Southern Peripheral Road (SPR), Gurugram. The project will have a leasable area of 55 lakh square feet, of which about 35 million sq ft would be prime office space, and the remaining area for retail spaces and two hotels of around 500 rooms each, the company’s officials said on Feb 14.
The proposed mixed-use development marks Signature Global’s first major foray into large-scale commercial real estate development within its existing land portfolio, the company said.
RMZ has committed an investment of ₹1,283 crore to acquire a 50 per cent equity stake in the project, officials said.
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As part of the transaction, RMZ, through its group entity Millennia Realtors Private Limited, will acquire a 50% stake in Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global, through a combination of share purchase and share subscription, formalising the 50:50 joint venture for development of the project, the company said.
The joint venture brings together the strengths of both partners, with Signature Global contributing strong execution and construction capabilities along with deep operational knowledge of the Delhi-NCR market, while RMZ brings its experience in designing, leasing, and managing large commercial and mixed-use developments.
The total capital value of the development upon completion is expected to be in the range of ₹14,000–16,000 crore, positioning the project among the larger mixed-use developments in the region, the company said.
Pradeep Aggarwal, founder and chairman, Signature Global (India) Ltd., said “With this JV with RMZ Group, we are foraying into large-scale commercial real estate development in a big way.”
He said the company, mainly in the housing segment, has created a platform with RMZ Group, which has expertise to develop commercial assets.
The total capital value of the development upon completion is expected to be in the range of ₹14,000-16,000 crore, he told reporters.
Manoj Menda, Corporate Chairman, Supervisory Board, RMZ, said the company intends to extend its partnership with Signature Global for commercial projects across the country.
“This project aligns well with RMZ’s focus on developing institutional-grade design districts, i.e. integrated environments that bring together premium workplaces, hospitality and curated retail within a cohesive urban framework. Signature Global’s execution capabilities and deep understanding of the Delhi-NCR market make them an ideal partner,” he said.
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Menda said office space demand in India remains resilient, driven largely by Global Capability Centres (GCCs), which continue to fuel absorption of premium workspaces.
He added that the shift towards work-from-home and hybrid arrangements has not weakened overall office demand, and expressed the view that artificial intelligence (AI) is unlikely to have a negative impact on employment in India.