In a move that signalled growing institutional interest in Gurugram’s commercial real estate market, RMZ and Signature Global announced a 50:50 strategic partnership to develop a large mixed-use project on the Southern Peripheral Road (SPR).
The development, which will combine premium office spaces, luxury hospitality and curated retail within a single urban framework, is expected to have a total capital value in the range of Rs. 14,000 to Rs. 16,000 crore upon completion. With a projected gross development value exceeding USD 2 billion, the project is set to become one of the larger mixed-use commercial developments in the NCR region.
A Rs. 1,283 Crore Entry by RMZ
As part of the agreement, RMZ committed an investment of Rs. 1,283 crore to acquire a 50 percent equity stake in Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global that holds the project land parcel.
The transaction was executed through a Securities Subscription and Purchase Agreement between GCL and Millennia Realtors Private Limited, an RMZ entity. Under the arrangement, RMZ will acquire its stake through a combination of share purchase and fresh share subscription.
Located along the fast-developing Southern Peripheral Road, the project carries a planned Floor Space Index of approximately 3.94 million square feet. The scale places it firmly among the more ambitious commercial plays currently underway in Gurugram.
Signature Global’s Commercial Debut at Scale
For Signature Global (India) Ltd., widely known for its residential developments, the partnership marked its first major foray into large-scale commercial real estate development within its existing land portfolio.
The company has built a strong presence in the residential segment across Delhi-NCR. This mixed-use development represents a deliberate shift toward portfolio diversification and a deeper play in income-generating commercial assets.
Commenting on the partnership, Pradeep Aggarwal, Founder and Chairman of Signature Global (India) Ltd., described the project as a milestone moment for the company.
“Today marks an important milestone in Signature Global’s growth journey as we broaden our development portfolio with a large-scale mixed-use project. The Southern Peripheral Road has steadily emerged as a key hub for both residential and commercial development, supported by strong infrastructure and connectivity,” he said.
He added, “This partnership with RMZ brings together complementary strengths and deep domain expertise, enabling us to deliver a high-quality, future-ready development. As our first major commercial development of this scale, the project reflects our commitment to creating long-term value and bringing best-in-class developments to our customers and stakeholders.”
RMZ’s Institutional Approach to NCR
For RMZ, a leading developer and asset manager of commercial real estate in India, the alliance strengthens its footprint in NCR at a time when corporate occupier demand continues to evolve.
RMZ has been known for creating institutional-grade office campuses across major cities, with a focus on design, leasing strategy and long-term asset management. The Gurugram project aligns with its broader focus on high-quality, leasable commercial stock.
Manoj Menda, Corporate Chairman of the Supervisory Board at RMZ, highlighted the strategic logic behind the move.
“We are pleased to partner with Signature Global on this significant mixed-use commercial development in Gurugram. The Southern Peripheral Road is rapidly emerging as a preferred commercial corridor, supported by strong occupier demand and improving infrastructure,” he said.
“This project aligns well with RMZ’s focus on developing institutional-grade commercial assets with long-term leasing potential. Signature Global’s execution capabilities and deep understanding of the Delhi-NCR market make them an ideal partner. Together, we aim to create a high-quality, future-ready commercial destination that delivers sustained value for occupiers and investors,” he added.
Why Southern Peripheral Road Matters
Over the past few years, the Southern Peripheral Road has transformed from a peripheral stretch into one of Gurugram’s key growth corridors. Improved road connectivity, metro expansion plans and proximity to established residential clusters have made it attractive for both developers and occupiers.
As residential supply has increased along SPR, the need for integrated commercial infrastructure has grown in parallel. Office spaces closer to residential hubs reduce commute times and align with evolving workplace preferences that emphasise convenience and integrated ecosystems.
The planned project seeks to respond to this shift by combining workspaces, hospitality and retail within a single cohesive development. Mixed-use formats are increasingly seen as more resilient, as they create diversified revenue streams and enhance asset utilisation.
A Larger Trend in Institutional Capital
The RMZ-Signature Global partnership also reflects a broader trend of institutional capital partnering with local developers to unlock land value in high-growth corridors. Rather than acquiring raw land outright, investors are increasingly opting for structured joint ventures that combine capital strength with on-ground execution expertise.
In this case, Signature Global contributes local market knowledge and construction capabilities, while RMZ brings design, leasing and long-term asset management experience.
With a projected capital value of up to Rs. 16,000 crore, the Gurugram development is poised to be a significant addition to NCR’s commercial inventory. If executed as planned, it could further consolidate SPR’s position as a major commercial destination.
The partnership signals not just a new project, but a shift in strategy for Signature Global and a deepening institutional bet on Gurugram’s commercial future.
