Signature Global buys 16-acre land in Gurugram for Rs 300 crore to build premium homes

Actual property firm Signature World has purchased a 16.12-acre land in Gurugram for practically Rs 300 crore to develop a housing challenge, because it stays bullish on demand for mid-income and premium residential properties.

The land is situated on Sector 71, Southern Peripheral Highway, Gurugram, Haryana.

“We’ve bought a 16-acre land parcel in Gurugram for the event of a premium housing challenge,” Signature World Chairman Pradeep Kumar Aggarwal instructed PTI.

He mentioned the entire growth potential on this challenge can be round 27-28 lakh sq. ft space.

Requested concerning the land value, Aggarwal mentioned the entire funding of the acquisition of land is almost Rs 300 crore.

He mentioned the corporate had earlier completed a joint growth settlement with the landowner however now it has cancelled the identical and purchased this land parcel outrightly.

Aggarwal mentioned the corporate has purchased this land utilizing inner accruals, as the corporate is producing working surplus.

Signature will proceed to search for land parcels in Delhi-NCR area.

It intends to enter the Noida and Larger Noida housing markets, increasing its footprint from the Gurugram, the place it has a big market share.

Aggarwal mentioned the demand continues to be robust for mid-income and premium housing.

Earlier this month, Signature World reported a greater than two-fold bounce in its gross sales bookings to Rs 2,770 crore.

The corporate had offered properties price Rs 1,260 crore within the year-ago interval.

Aggarwal attributed the expansion in gross sales bookings to prospects’ belief within the firm.

In 2023-24, Signature World achieved gross sales bookings of Rs 7,270 crore and has set a goal of Rs 10,000 crore within the present fiscal.

Aggarwal expressed confidence in reaching the steerage comfortably.

Signature World has to this point delivered 120 lakh sq ft of housing space and has a sturdy pipeline of 350 lakh sq ft of saleable space in its forthcoming initiatives together with 158 lakh sq ft of ongoing initiatives, set for execution over the subsequent 2-3 years.