Gurugram-based real estate developer Signature Global plans to develop a branded luxury housing project on Southern Peripheral Road (SPR), with an estimated revenue potential of around ₹5,000 crore, according to the company’s chairman, Pradeep Aggarwal.
Noting that the demand for branded homes is strong, he said, “We will come up with a branded luxury residential project on 7 acres of land parcel with a total saleable area of 20 lakh square feet. The total revenue potential is estimated at ₹5,000 crore,” Aggarwal told reporters on Feb 14.
Signature Global owns 25 acres of land at Southern Peripheral Road, Gurugram, where it plans to develop a large mixed-use project. It plans to set aside 7 acres for branded homes, while the remaining 18 acres will comprise office, retail, and hospitality spaces.
For the 18-acre land parcel on SPR, the company has entered into a joint venture with Bengaluru-based RMZ Group. Under this partnership, the two firms will also develop a commercial project, entailing a total investment of approximately ₹7,500 crore.
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The company is in talks with hospitality chains for a branded housing project, he said, adding that the project would be launched for sale in 5-6 months.
Aggarwal also exuded confidence that the company will achieve the revised sales bookings target of ₹10,300 crore for the current fiscal.
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The commercial project in SPR is expected to be developed by both RMZ and Signature Global and will have a leasable area of 55 lakh square feet, of which 35 million sq ft will be prime office space, with the remaining 20 million sq ft comprising retail spaces and two hotels.
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As part of the transaction, Signature Global’s subsidiary, Gurugram Commercity Ltd (GCL), and RMZ entity, Millennia Realtors, have entered into a Securities Subscription and Purchase Agreement (SSPA).
Under the SSPA, the RMZ entity will acquire a 50 per cent equity stake in GCL through a combination of share purchases and subscriptions, for an aggregate consideration of up to ₹1,283 crore.
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