Signature Global Sells 1,008 Luxury Flats in Gurugram for Rs 3,600 Crore

New Delhi, Mar 4 (PTI) Realty firm Signature Global has sold 1,008 luxury flats in its new housing project at Gurugram for over Rs 3,600 crore, reflecting strong consumer demand despite price rise.

In an interview with PTI, Signature Global Chairman Pradeep Aggarwal said the company's sales bookings would now easily reach Rs 7,200 crore this fiscal year as against the initial projection of Rs 4,500 crore.

"We have launched a new housing project in Sector 37D, Gurugram on Dwarka Expressway. We have sold out the entire 1,008 housing units for over Rs 3,600 crore," Aggarwal told PTI.

He said the company received 5,400 EOIs (Expression of Interests) from customers in this new 16.5 acre housing project 'DE LUXE-DXP', which comprises 1,008 units with a saleable area of 2.7 million (27 lakh) square feet.

"There was a huge demand for premium homes in the price range of Rs 3-4 crore. In the Gurgaon market, most of the premium projects are offering flats for more than Rs 7 crore," he said.

Aggarwal noted that around 35 per cent of the units have been booked by Non Resident Indians (NRIs) and senior executives of big corporates.

He said the company would deliver this new housing project in 2028.

On Sunday, Signature Global informed stock exchanges about "pre-formal launch sales of more than Rs 3,600 crores" in this latest premium housing project.

Asked about sales bookings for the full fiscal, Aggarwal said, "We will easily achieve Rs 7,200 crore."

Already, Signature Global has achieved 41 per cent growth in sale bookings to Rs 3,124.12 crore during the April-December period of this fiscal from Rs 2,209.78 crore in the year-ago period.

With sales of Rs 3,600 crore in this new project, he said the number has crossed Rs 6,700 crore.

In the full 2022-23 financial year, Signature Global sold 4,512 units for Rs 3,430.58 crore.

Housing demand has revived post Covid pandemic across major cities driven largely by end-users, although investors have returned to the market with decent price appreciation in the last two years.

"With growing affluence in the middle class, a significant population segment has developed better purchasing power and higher aspirations," Aggarwal said on the reason behind the surge in demand.

"...modern-day consumers are seeking a mix of features, amenities, space, and affordability to fulfil the demands of the new age lifestyle," Aggarwal said.

In September last year, Signature Global successfully launched its maiden public offer to raise Rs 730 crore.

The public issue, comprising a fresh issue of shares worth Rs 603 crore and an Offer for Sale (OFS) of Rs 127 crore, was subscribed 11.88 times.

Signature Global is mainly into mid-income and affordable housing segments.

Till December 2023, Signature Global has delivered 6.7 million square feet area. It is developing 16.9 million square feet area and also has a future pipeline of 28.4 million square feet of saleable area.