Rs 2,200 crore will be invested by Signature Global to build a housing complex in Gurugram
In response to high customer demand, real estate company Signature Global plans to expand by investing Rs 2,200 crore over the next five years to build a new luxury home complex in Gurugram, according to Chairman Pradeep Aggarwal. “We have started construction on a new home complex on the Dwarka Expressway in Sector 37D, Gurugram. The project would consist of 1,008 total apartments, he said.
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Despite the price increase, the business has already sold all 1,008 of the premium apartments for almost Rs 3,600 crore, demonstrating the strength of customer demand. Aggarwal said that 5,400 Expressions of Interest, or EoIs, were sent by clients for the brand-new, 16.5-acre “DE LUXE-DXP” housing project. When asked how much the project will cost, Aggarwal said that the firm would need to spend roughly Rs 2,200 crore.
Funding for the initiatives will come from client advances against sale bookings as well as internal accruals.He said that the new home project will be delivered by the corporation in 2028. Aggarwal said that the sale bookings figure has surpassed Rs 6,700 crore so far this fiscal year, including sales of Rs 3,600 crore in this new project.
“Total sale bookings in this fiscal year should easily surpass Rs 7,200 crore, compared to the previous year’s Rs 3,430.58 crore,” he said. Signature Global has already seen a 41% increase in sale bookings from Rs 2,209.78 crore in the same fiscal year to Rs 3,124.12 crore from April to December of this year.
Even while investors have returned to the market with respectable price appreciation in the previous two years, housing demand has rebounded post-Covid pandemic in key cities, driven mostly by end-users.Aggarwal explained the cause for the spike in demand by saying that “a significant population segment has developed better purchasing power and higher aspirations with growing affluence in the middle class.”
“To meet the demands of the new age lifestyle, modern consumers are looking for a combination of features, amenities, space, and affordability,” Aggarwal said. In an attempt to collect Rs 730 crore, Signature Global successfully conducted its first public offering in September of last year. The public offering, which included an Offer for Sale (OFS) for Rs 127 crore and a new issuance of shares valued at Rs 603 crore, received 11.88 subscriptions.
Signature Global primarily focuses on the inexpensive and mid-income housing markets. Signature Global has supplied an area of 6.7 million square feet until December 2023. In addition to the 16.9 million square feet it is now creating, there are another 28.4 million square feet of potential saleable space in the works.
