Signature Global will invest Rs 385 cr in a new housing project in Gurugram
New Delhi, September 3 () Signature Global real estate firm will invest Rs 385 crore in the next three years to develop a housing project in Gurugram, Haryana, said a senior company official.
The national-based company has purchased 17.35 acres of land in Sohna for nearly Rs 100 million and will build 864 independent apartments in two phases. It will sell these units in a price range of Rs 39-74 lakh.
Signature Global is primarily focused on affordable housing and is currently building 10 such projects, comprising around 9,500 units, under the affordable housing policy of the Haryana government.
A project comprising 1,000 units has been delivered to homebuyers.
We have started a new housing project 'Signature Global Park' in Sohna, Gurugram. Construction work has already begun, said company president Pradeep Aggarwal.
The cost of the project is estimated at Rs 385 million rupees, which will be covered through internal accruals, customer advances and bank debt/NBFC.
This will be the company's third project under Haryana's government, Deen Dayal Jan Aawas Yojna. It is already developing two housing projects comprising 1,974 units in Karnal, Haryana, under this scheme.
Signature Global has entered the commercial real estate segment and is investing Rs 100 million to develop the first shopping center in Ghaziabad in Uttar Pradesh with a salable/leasable area of a square foot lakh.
In this mall, there will be departments/suites with 80-room service run by the hospitality firm Clarks Premier. Signature Global had previously raised Rs 200 crore from private capital KKR and Rs 150 crore from ICICI Prudential to finance its projects. MJH DRR