Signature Global to Invest Rs 2,500 Cr in FY25 Housing Projects
Jul 10, 2024 14:26
Signature Global plans to invest Rs 2,500 crore in construction this fiscal, aiming for Rs 10,000 crore in sales bookings. The company is also expanding into new markets.
New Delhi, Jul 10 (PTI) Realty firm Signature Global will invest around Rs 2,500 crore this fiscal on the construction of its various housing projects, its Chairman Pradeep Kumar Aggarwal said on Wednesday.
He expressed confidence that the company would meet the sales bookings guidance of Rs 10,000 crore for the current 2024-25 financial year, a significant growth from Rs 7,270 crore in the preceding year.
"We have speeded up the construction work across all our projects. We will be investing around Rs 2,500 crore during this financial year on pure construction activities," Aggarwal said on the sidelines of the Assocham real estate conference.
He said the company is expecting to collect Rs 6,000 crore from customers this fiscal.
The company would also utilise the surplus internal cash flow to acquire land and reduce debt, he added.
"We are looking for land in Noida and Delhi markets for the development of housing projects," he said, adding that the company intends to launch projects in these two new cities during 2025-26.
On Sunday, Signature Global 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 said the company continues to ride on a high growth trajectory, achieving robust pre-sales and collection figures for the third consecutive quarter.
Signature Global, 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 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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