Signature Global Joins Forces with Landlords for Housing Projects Exceeding ₹5,000 Crore in Gurugram

Realty firm Signature Global has embarked on a strategic collaboration with landlords to co-develop housing projects in Gurugram, with an estimated total revenue exceeding ₹5,000 crore. The company has inked three distinct joint development agreements (JDAs) with private landowners for the development of residential projects across a combined land parcel of 21.38 acres, equating to a development potential of 32 lakh square feet of residential space.

Signature Global Chairman, Pradeep Aggarwal, expressed the company's commitment to expanding its business in response to the growing demand for housing in major cities. When questioned about the revenue potential, Aggarwal stated that the anticipated sales realization from these JDAs would surpass ₹5,000 crore.

The three JDAs include a partnership for a 16.12-acre land parcel with 25 lakh sq ft of developable area, a second agreement for 4.26 acres with a development potential of 5.3 lakh sq ft, and a third agreement covering approximately 1 acre with 1.9 lakh sq ft of development potential. All these land parcels are situated in Sector 71, Gurugram, adjacent to the company's existing projects.

Aggarwal outlined the company's target to launch these projects within the next 12-24 months. Meanwhile, Signature Global reported a consolidated net profit of ₹2.17 crore in the quarter ending December, marking a significant improvement from the net loss of ₹44.89 crore in the corresponding period of the previous year. Total income for the third quarter of the fiscal rose to ₹301.75 crore from ₹191.78 crore in the same period the previous year.

For the April-December period of the 2023-24 fiscal year, Signature Global's net loss narrowed to ₹24.93 crore from ₹71.36 crore in the same period of the previous year. The company achieved sale bookings of ₹1,262.73 crore during the third quarter, reflecting a 47% YoY growth. Signature Global, listed on stock exchanges in September 2023, is known for its focus on mid-income and affordable housing segments in the Delhi-NCR region.

HBL