NEW DELHI, Jan 12: Real estate company Signature Global has bought a 16.12-acre land in Gurugram for nearly Rs 300 crore to develop a housing project, as it remains bullish on demand for mid-income and premium residential properties.
The land is located on Sector 71, Southern Peripheral Road, Gurugram, Haryana.
“We have purchased a 16-acre land parcel in Gurugram for the development of a premium housing project,” Signature Global Chairman Pradeep Kumar Aggarwal told PTI.
He said the total development potential in this project would be around 27-28 lakh square feet area.
Asked about the land cost, Aggarwal said the total investment of the purchase of land is nearly Rs 300 crore.
He said the company had earlier done a joint development agreement with the landowner but now it has cancelled the same and bought this land parcel outrightly.
Aggarwal said the company has bought this land using internal accruals, as the company is generating operating surplus.
Signature will continue to look for land parcels in Delhi-NCR region. It intends to enter the Noida and Greater Noida housing markets, expanding its footprint from the 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 its sales bookings to Rs 2,770 crore.
The company had sold properties worth Rs 1,260 crore in the year-ago period.
Aggarwal attributed the growth in sales bookings to customers’ trust in the company.
In 2023-24, Signature Global achieved sales bookings of Rs 7,270 crore and has set a target of Rs 10,000 crore in the current fiscal.
Aggarwal expressed confidence in achieving the guidance comfortably.
Signature Global has 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 2-3 years. (PTI)
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