Signature Global Share: Real estate company Signature Global has purchased 16.12 acres of land for approximately Rs 300 crore to develop a housing project in Gurugram. The company is bullish on the demand for mid-income and premium residential properties. This land is in Southern Peripheral Road, Sector 71, Gurugram, Haryana. Shares of Signature Global India Limited fell 4.47 percent on Friday and closed at Rs 1250.25.
Statement from Chairman of Signature Global
“We have purchased 16 acres of land in Gurugram for the development of a premium residential project,” said Pradeep Kumar Agarwal, chairman of Signature Global. He said that the total development potential in this project will be around 27-28 lakh square feet area.
When asked about the cost of the land, Aggarwal said that the total investment in purchasing the land is around Rs 300 crore. He said that the company had earlier entered into a joint development agreement with the land owner, but has now canceled it and purchased the entire land. Aggarwal said that the company has purchased this land from internal sources as the company is generating operating surplus.
Signature Global will continue to look for land in the Delhi-NCR region. The company intends to enter the housing markets of Noida and Greater Noida, expanding its footprint from Gurugram, where it has a significant market share.
‘Demand for mid-income and premium housing strong’
Aggarwal said demand for mid-income and premium housing remains strong. In the same month, Signature Global had reported a more than two-fold increase in sales bookings to Rs 2770 crore. The company had sold assets worth Rs 1260 crore in the same period a year ago.
Agarwal attributed the increase in sales bookings to customer confidence in the company. Signature Global achieved sales bookings of Rs 7,270 crore in FY 2023-24 and has set a target of Rs 10,000 crore in the current financial year.
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