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Updated February 7th, 2024 at 14:47 IST

Signature Global teams up with landlords for Rs 5,000 crore Gurugram ventures

Through the signing of three joint development agreements (JDAs), the company has secured access to 21.38 acres of land.

Business Desk
Real estate
Real estate | Image:Pixabay
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Gurugram housing collaborations: Signature Global has initiated partnerships with landlords to co-develop housing projects in Gurugram, with an estimated total worth exceeding Rs 5,000 crore, according to media reports. Through the signing of three joint development agreements (JDAs), the company has secured access to 21.38 acres of land, capable of accommodating approximately 32 lakh sq ft of residential space.

Pradeep Aggarwal, Chairperson, Signature Global, emphasised the company's strategic move to capitalise on the escalating demand for housing in major urban centres. The revenue potential from these agreements is anticipated to surpass Rs 5,000 crore, as confirmed by Aggarwal.

Prime Gurugram developments

The largest JDA involves a 16.12-acre land parcel with a development potential of 25 lakh sq ft. Additionally, there's a JDA for a 4.26-acre plot offering 5.3 lakh sq ft of development space, and another for approximately 1 acre with a development potential of 1.9 lakh square feet. All these parcels are situated in Sector 71, Gurugram, adjacent to Signature Global's existing projects.

These JDAs have been established by several privately-owned entities, with plans to launch the projects within the next 12 to 24 months. Concurrently, Signature Global reported a consolidated net profit of Rs 2.17 crore for the quarter ending December, marking a  turnaround from the net loss of Rs 44.89 crore recorded in the corresponding period of the previous year.

Income surges, losses shrink

The company's total income also witnessed a substantial increase to Rs 301.75 crore in the third quarter of the fiscal year, compared to Rs 191.78 crore in the same period last year. Notably, Signature Global's net loss for the April-December period of the fiscal year narrowed down to Rs 24.93 crore from Rs 71.36 crore in the previous year.

In terms of sales performance, Signature Global recorded sale bookings of Rs 1,262.73 crore during the third quarter of the fiscal year, marking a 47 per cent growth compared to the same period last year. The company's total sale bookings for the April-December period of the fiscal year amounted to Rs 3,124.12 crore, an increase from Rs 2,209.78 crore in the previous year.

The company, headquartered in Gurugram, went public in September 2023, raising Rs 730 crore through its maiden public offer.

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Published February 7th, 2024 at 14:46 IST

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