Signature Global Acquires 25.14 Acres Prime Land On SPR
Signature Global, amongst the leading real estate development companies in India, has set a stage for its growth trajectory with new group housing projects in Gurugram at prime locations such as Dwarka Expressway and Southern Peripheral road with an estimated sales potential in excess of INR 8,500 crore for the current fiscal year. During the Board Meeting scheduled on Nov 9, the board of directors gave green signal expansion plans. The Company has also entered into definitive documents to acquire an entity owning 25.14 acres of land in sector 71, Gurgaon (Southern Peripheral road). This will be developed as a mixed use development project comprising of housing and commercial components. The estimated capital expenditure on the project for land and approval purposes is expected to be approx. INR 750 crore. Commenting on the company’s initiatives, Pradeep Kumar Aggarwal, Chairman and Whole? Time Director, said "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. Initiatives focused on revitalizing SPR and the developments along the Dwarka Expressway are driving this momentum. Gurugram is currently experiencing the completion of numerous substantial public infrastructure projects, which will significantly bolster the real estate sector in the area. We intend to leverage the high level of customer interest in this region to fortify our project pipeline, thereby propelling our growth even further. Gurugram is witnessing completion of several large infrastructure projects. The Dwarka expressway is expected to be flagged off in next few months by the NHAI. This will be a big boost for the real estate sector of the city. Several Housing and commercial projects have been developed on this stretch and have long awaited completion of the Dwarka Expressway. In the last few months, the housing projects on Dwarka Expressway have witnessed strong customer interest. The Haryana government recently announced revamp of SPR with the estimated cost of INR 850 crores, which will further enhance the real estate potential of the location. During the first half ended September 30, 2023, the Company reported best ever pre?sales at INR 18,614 million showing growth of 37.6% YoY. For the second quarter, the pre?sales grew 4.2% to INR 9,816 million. The Company also reported best?ever growth of 65% in the collections at INR 13,275 million for the half yearly period ending on Sep 30, 2023. For the second quarter, the collections rose 58% to INR 7,236 million. A well?established brand in Delhi?NCR focusing on affordable and mid housing segments, Signature Global aims to capitalize on affordable housing policies in the region and sustainable demand for the residential units in this category.
Tags : Signature Global Southern Peripheral road Pradeep Kumar Aggarwal Dwarka expressway