Signature Global to Invest Rs 4,000 Cr in Gurugram Housing Projects

New Delhi, Mar 14 (PTI) Realty firm Signature Global is planning to invest around Rs 4,000 crore to develop two new housing projects in Gurugram as part of its expansion plan, its Chairman Pradeep Kumar Aggarwal said.

In an interview with PTI, he said, in the next quarter, the company plans to launch more than 40 lakh square feet of area in two premium housing projects in Gurugram.

"We will be focusing on the Rs 2-5 crore price bracket, where we are seeing huge demand but limited supply," Aggarwal said.

He noted that the demand for residential properties, especially for big reputed players, remains strong, although he acknowledged that the frenzy seen in the last few years have subsided to some extent.

Asked about the total project cost to develop the two new housing projects, he said it will be around Rs 4,000 crore, including land, construction and other costs.

On the operational front, Signature Global sold properties worth Rs 8,670 crore during the April-December period of this fiscal year, a sharp rise from Rs 3,120 crore in the year-ago period.

Average pre-sales realisation for April-December period of 2024-25 increased to Rs 12,565 per square feet, compared to Rs 11,762 per square feet in the entire 2023-24.

Signature Global has set a target of achieving sales bookings of Rs 10,000 crore in the current fiscal year, as against Rs 7,270 crore in the preceding year.

Aggarwal expressed confidence in surpassing the sales bookings target for the current fiscal.

He also shared that the company is targeting to achieve zero net debt during the next fiscal on healthy internal cash flow.

The company has reduced its net debt in the October-December quarter to Rs 740 crore, from Rs 1,020 crore at the end of the second quarter of this fiscal year.

During the first nine months of this fiscal, the company has delivered 24.2 lakh square feet area, up from 20 lakh square feet in the year-ago period.

Since inception, Signature Global has so far delivered 120 lakh sq ft of housing area.

The company 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.

The company has been buying land to expand its business.