Signature Global Q1 Sales Surge 3.5x to Rs 3,120 Cr
Jul 07, 2024 10:45
Signature Global's Q1 sales bookings jumped 3.5 times to Rs 3,120 crore on strong demand for its housing projects, driven by a surge in demand post-COVID. The company has ambitious sales targets for the year.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jul 7 (PTI) Realty firm Signature Global on Sunday reported a 3.5 times jump in sales bookings to Rs 3,120 crore for the April-June quarter on high demand for its housing projects.
The company's sales bookings stood at Rs 820 crore in the year-ago period.
According to a regulatory filing, Signature Global sold 968 units in the first quarter of this fiscal against 894 units in the corresponding period of the previous year.
In terms of volume, its sales bookings more than doubled to 2.03 million square feet from 0.91 million square feet a year earlier.
Signature Global Chairman Pradeep Kumar Aggarwal said the company continues to ride on a high growth trajectory, achieving robust pre-sales and collection figures for the third consecutive quarter.
"We ended the last fiscal year on an exceptional note, exceeding our guidance by a substantial margin in both pre-sales and collections. This fiscal year, we have set an ambitious target of achieving Rs 10,000 crore in pre-sales. Remarkably, in the first quarter alone, we have already surpassed 30 per cent of this target," he said.
Aggarwal said the company has received a strong response from customers for its premium residential projects, which were launched in the last few quarters.
Signature Global sold properties worth Rs 7,270 crore in 2023-24 and has set a sales bookings target of Rs 10,000 crore for the current fiscal.
Almost all listed realty firms have been performing very well in the last two years, driven by a surge in housing demand.
Post-COVID pandemic, end-users and investors have shown high interest in buying residential properties.
Sales have risen despite a sharp increase in prices during the past two years.
The Gurugram-based company, which got listed on the stock exchanges, has so far delivered 10.4 million square feet of housing area.
It has a robust pipeline of about 32.2 million square feet of saleable area in its forthcoming projects and 16.4 million square feet area in its ongoing projects.
Founded in 2014, Signature Global, one of the leading real estate developers in India, focused only on affordable housing projects in its initial years of establishment.
The company has expanded its presence into mid-income, premium and luxury housing segments.
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