Signature Global Eyes Noida And Greater Noida Housing Markets

They sold properties worth Rs. 1,260 crore in the year-ago period. In 2023-24, they achieved sales bookings of Rs. 7,270 crore and have set a target of Rs. 10,000 crore for the current fiscal year

Real estate firm Signature Global has bought 16.12 acre land on Sector 71, Southern Peripheral Road in Gurugram for nearly Rs. 300 crore to develop a housing project. It remains bullish on demand for mid-income and premium residential properties.

"We have purchased a 16-acre land parcel in Gurugram for development of a premium housing project," Signature Global Chairman Pradeep Kumar Aggarwal said.

He said the total development potential in this project will be around 27-28 lakh sq. ft. area. On the land cost, Aggarwal said that the total investment on the purchase of land is nearly `300 crore. He said the company had a joint development agreement with the landowner but now it has cancelled the same and bought the land parcel outright.

Aggarwal said the company has bought this land using internal accruals, as the company is generating operating surplus. He said it will take at least six months for designing and obtaining regulatory approvals to launch housing project on this land parcel.

Signature Global will continue to look for land parcels in Delhi-NCR. It intends to enter the Noida and Greater Noida housing markets, seeking to expand its footprint from Gurugram where it has a significant market share. Aggarwal said the demand continues to be strong for mid-income and premium housing. Earlier this month, Signature Global reported a more than two-fold jump in sales bookings to Rs. 2,770 crore. They sold properties worth Rs. 1,260 crore in the year-ago period. In 2023-24, they achieved sales bookings of Rs. 7,270 crore and have set a target of Rs. 10,000 crore for the current fiscal year.

Aggarwal expressed confidence of achieving the sales bookings guidance comfortably. "Our average ticket size during the first nine months of this fiscal year has been around Rs. 2.5 crore per unit. The demand in this premium segment has been very robust because of inadequate supply," he said.

Initially, Signature Global focused on affordable housing segment, but now it is largely concentrating on mid-income, premium, and luxury homes. They have so far delivered 120 lakh sq. ft. of housing area and has a robust pipeline of 350 lakh sq. ft. of saleable area in its forthcoming projects, along with 158 lakh sq. ft. of ongoing projects, set for execution over the next two to three years.