Signature Global to invest ₹2,200 cr on new housing project in Gurugram

Realty firm Signature Global will invest around ₹2,200 crore to develop a new housing project in Gurugram to expand business and achieve over 20 per cent growth in its pre-sales this fiscal year.

The company has recently launched a premium residential project, ‘Cloverdale’, comprising 770 apartments, on Southern Peripheral Road (SPR), Sector 71, Gurugram.

Signature Global emerged as the fifth largest listed real estate developer last fiscal in terms of sales bookings by achieving record pre-sales of ₹10,290 crore.

The Gurugram-based company has given a guidance of posting ₹12,500 crore worth pre-sales in the current fiscal.

The company is selling homes in a price range of ₹4 crore to ₹7 crore in this project, which is spread over 8 acres and is part of an overall 22-acre development.

The project is scheduled to be completed by 2031.

Last month, Signature Global Chairman Pradeep Kumar Aggarwal said the company would invest around ₹4,000 crore this fiscal to acquire land parcels and carry out construction activities for its housing projects in Gurugram.

Signature Global had invested ₹1,070 crore last fiscal year to purchase 48 acres of land in Gurugram, Haryana.

Aggarwal said the investment in construction activities would be around ₹2,500 crore in 2025-26 against ₹1,900 crore in the preceding fiscal.

Last week, Signature Global announced plans to raise ₹875 crore through issue of non-convertible debentures to refinance debt and expand business.

“We have taken the approval of board to raise funds. We will also seek shareholders approvals,” Aggarwal said.

He said the company will use ₹450 crore to refinance its existing debt while the remaining amount will be for business growth.

Aggarwal said the company is targeting to raise funds by end of August, subject to shareholders’ approval.

Signature Global, one of the leading real estate developers in the country, started its business to develop affordable housing projects but shifted its focusing on mid-income, premium and luxury segments because of high land cost in Gurugram.

It posted a net profit of ₹101.2 crore last fiscal, a sharp jump from ₹16.32 crore in the preceding year.

Its total income grew to ₹2,637.99 crore in the last fiscal from ₹1,324.55 crore in 2023-24.

Since inception, Signature Global has delivered 13.5 million square feet of housing projects and has a strong pipeline of about 21.6 million sq ft of saleable area in upcoming projects, along with 46.38 million sq ft of ongoing projects, targeted for completion within the next 2-3 years.