Updated March 8th, 2024 at 14:53 IST

Signature Global to invest Rs 2,200 crore in luxury housing project in Gurgaon

The company's total sale bookings for the fiscal year are expected to exceed Rs 7,200 crore, up from Rs 3,430.58 crore in the previous year.

Reported by: Business Desk
Signature Global | Image:Official website
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Signature Global luxury housing: Real estate developer Signature Global has unveiled plans to invest Rs 2,200 crore over the next five years in a new luxury housing project located in Gurugram. This initiative forms part of the company's expansion strategy in response to robust consumer demand, according to Chairman Pradeep Aggarwal.

The project, situated in Sector 37D on Dwarka Expressway, will feature a total of 1,008 luxury flats. Remarkably, all units have already been sold, fetching over Rs 3,600 crore in sales, underscoring strong consumer interest despite price escalations.

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Aggarwal revealed that the company received an impressive 5,400 Expressions of Interest (EoIs) from potential customers for the new 16.5-acre housing project named ‘DE LUXE-DXP.’

The estimated investment for this endeavour is around Rs 2,200 crore, which will be financed through internal accruals and advances from customers against sale bookings. The project is slated for completion by 2028.

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The company's total sale bookings for the fiscal year are expected to exceed Rs 7,200 crore, up from Rs 3,430.58 crore in the previous year. Signature Global has already witnessed a 41 per cent growth in sale bookings during the April-December period of this fiscal.

Aggarwal attributed the surge in demand to a revived housing market post-Covid, driven primarily by end-users and a return of investors due to price appreciation in recent years. He emphasized the evolving preferences of modern consumers, who seek a blend of features, amenities, space, and affordability to align with their lifestyle aspirations.

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Last September, Signature Global successfully launched its maiden public offering, raising Rs 730 crore. The company focuses primarily on mid-income and affordable housing segments.

As of December 2023, Signature Global has delivered 6.7 million square feet of residential space and is currently developing an additional 16.9 million square feet. Moreover, it boasts a future pipeline of 28.4 million square feet of saleable area.

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(With PTI inputs)

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Published March 8th, 2024 at 14:53 IST