"Signature Global Announces Rs. 2,200 Crore Investment for Housing Project Development"

Realty firm Signature Global is set to embark on a significant investment venture, allocating Rs 2,200 crore over the next five years for the development of a new luxury housing project in Gurugram. This move is part of the company's expansion strategy to capitalize on robust consumer demand, as confirmed by its Chairman, Pradeep Aggarwal.

Aggarwal announced the launch of a new housing project in Sector 37D, Gurugram, situated on the Dwarka Expressway. The project boasts a total of 1,008 units, all of which have been swiftly sold for over Rs 3,600 crore, underscoring the strong consumer demand despite price escalations.

The newly launched 16.5-acre housing project, 'DE LUXE-DXP', garnered a remarkable response with 5,400 Expressions of Interest (EoIs) from prospective customers.

Regarding the project cost, Aggarwal stated that Signature Global is set to invest approximately Rs 2,200 crore in its development. The funding for these investments will be sourced from internal accruals and advances from customers against sale bookings.

Anticipating completion by 2028, Aggarwal expressed confidence in the company's performance, citing sales of Rs 3,600 crore in the new project alone. He projected the total sale bookings for the fiscal year to surpass Rs. 7,200 crore, compared to Rs. 3,430.58 crore recorded in the previous year.

Highlighting the company's growth trajectory, Aggarwal revealed a 41% surge in sale bookings, amounting to Rs. 3,124.12 crore during the April-December period of the current fiscal year, up from Rs 2,209.78 crore in the corresponding period last year.

Signature Global, renowned for its focus on mid-income and affordable housing segments, has delivered a 6.7 million square feet area till December 2023. Additionally, the company is actively developing a 16.9 million square feet area with a future pipeline of 28.4 million square feet of saleable area.

BS