Real estate company Signature Global on Monday said it plans new group housing projects in Gurugram at locations such as Dwarka Expressway and Southern Peripheral Road (SPR) with an estimated sales potential in excess of Rs 8,500 crore for the current fiscal year 2023-24.
The company’s board gave a green signal to the expansion plans during its meeting on November 9.
“The company has also entered into definitive documents to acquire an entity owning 25.14 acres of land in Sector 71, Gurgaon (Southern Peripheral Road). This will be developed as a mixed-use development project comprising of housing and commercial components. The estimated capital expenditure on the project for land and approval purposes is expected to be approximately Rs 750 crore,” Signature Global said in a statement.
Pradeep Kumar Aggarwal, chairman and whole-time director of Signature Global, said, “The robust growth of the real estate market in the national capital region, particularly in Gurugram, is poised to take the lead in the coming years. Initiatives focused on revitalising SPR and the developments along the Dwarka Expressway are driving this momentum.”
He added that Gurugram is currently experiencing the completion of numerous substantial public infrastructure projects, which will significantly bolster the real estate sector in the area. “We intend to leverage the high level of customer interest in this region to fortify our project pipeline, thereby propelling our growth even further.”
Gurugram is witnessing the completion of several large infrastructure projects. The Dwarka expressway is expected to be flagged off in the next few months by the NHAI. This will be a big boost for the real estate sector of the city. Several Housing and commercial projects have been developed on this stretch and have long awaited completion of the Dwarka Expressway.
In the past few months, the housing projects on Dwarka Expressway have witnessed strong customer interest. The Haryana government recently announced a revamp of SPR with an estimated cost of Rs 850 crore, which will further enhance the real estate potential of the location.
During the first half ended September 30, 2023, Signature Global recorded its best-ever pre‐sales at Rs 1,861.4 crore, which is a growth of 37.6 per cent year-on-year. For the July-September 2023 quarter, the pre‐sales grew 4.2 per cent to Rs 981.6 crore. Signature Global also reported the best‐ever growth of 65 per cent in the collections at Rs 1,327.5 crore for the half-yearly period ending on September 30, 2023. For the second quarter, the collections rose 58 per cent to Rs 723.6 crore.
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