Signature Global to invest Rs 2,200 cr on new housing project in Gurugram
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
Realty firm Signature Global will invest around Rs 2,200 crore to develop a new housing project in Gurugram to expand business and achieve over 20 per cent growth in its pre-sales this fiscal year.The company has recently launched a premium residential project, 'Cloverdale', comprising 770 apartments, on Southern Peripheral Road (SPR), Sector 71, Gurugram.Signature Global emerged as the fifth largest listed real estate developer last fiscal in terms of sales bookings by achieving record pre-sales of Rs 10,290 crore.The Gurugram-based company has given a guidance of posting Rs 12,500 crore worth pre-sales in the current fiscal."We have launched a new housing project in Gurugram. Housing demand continues to be strong in this city, especially for reputed builders," Signature Global Chairman Pradeep Kumar Aggarwal told PTI.The company is selling homes in a price range of Rs 4 crore to Rs 7 crore in this project, which is spread over 8 acres and is part of an overall 22-acre development.The project is scheduled to be completed by 2031.Last month, Aggarwal said the company will invest around Rs 4,000 crore this fiscal to acquire land parcels and carry out construction activities in its housing projects at Gurugram.Signature Global had invested Rs 1,070 crore last fiscal year to purchase 48 acres of land in Gurugram, Haryana."Land is an important raw material for real estate developers. We will be investing around Rs 1,200-1,500 crore on the acquisition of land parcels," he had said.Aggarwal said the investment in construction activities would be around Rs 2,500 crore in 2025-26 against Rs 1,900 crore in the preceding fiscal.Last week, Signature Global announced plans to raise Rs 875 crore through issue of non-convertible debentures to refinance debt and expand business."We have taken the approval of board to raise funds. We will also seek shareholders approvals," Aggarwal said.He said the company will use Rs 450 crore to refinance its existing debt while the remaining amount will be for business growth.Aggarwal said the company is targeting to raise funds by end of August, subject to shareholders' approval.Signature Global, one of the leading real estate developers in the country, started its business to develop affordable housing projects but shifted its focusing on mid-income, premium and luxury segments because of high land cost in Gurugram.It posted a net profit of Rs 101.2 crore last fiscal, a sharp jump from Rs 16.32 crore in the preceding year.Its total income grew to Rs 2,637.99 crore in the last fiscal from Rs 1,324.55 crore in 2023-24.Since inception, Signature Global has delivered 13.5 million square feet of housing projects and has a strong pipeline of about 21.6 million sq ft of saleable area in upcoming projects, along with 46.38 million sq ft of ongoing projects, targeted for completion within the next 2-3 years.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
38 minutes ago
- News18
Indian Railways To Introduce Advanced Waitlist Charting, Mandate Aadhaar For Tatkal Bookings
Last Updated: The move is expected to benefit waitlisted passengers by giving them additional time to make alternate plans in case their tickets remain unconfirmed Indian Railways will now prepare the final reservation chart eight hours prior to a train's departure, replacing the earlier norm of four hours, in a significant shift aimed at enhancing transparency and passenger convenience. The move, currently under pilot testing, is expected to benefit waitlisted passengers by giving them additional time to make alternate plans in case their tickets remain unconfirmed. 'This move will reduce uncertainties for passengers with waitlist tickets. The passengers will get the first update on waitlist status well in advance," read the official statement. Alongside the early charting initiative, Indian Railways is set to launch a modernised Passenger Reservation System (PRS) by December 2025. The upgrade is being developed by the Centre for Railway Information Systems (CRIS) to streamline ticketing operations and enhance user experience. Once implemented, the upgraded PRS will be able to process over 1.5 lakh ticket bookings per minute, marking a nearly fivefold jump from the current capacity of 32,000 bookings per minute. Alongside this change, the Railways will make Aadhaar authentication mandatory for online Tatkal bookings through the IRCTC website starting July 1, 2025. For offline bookings at PRS counters and through agents, Aadhaar-based OTP verification will be required from July 15, according to an official statement. Officials said these changes are part of a broader initiative to modernise the ticketing system, reduce touting, and improve berth allocation efficiency. First Published: June 29, 2025, 19:00 IST
Time of India
an hour ago
- Time of India
Prada's Rs 1.2-lakh Kolhapuri chappals spark row, Priyank Kharge calls for global platforms for artisans
After Kholapuri chappals recently went viral at the Italian luxury fashion house Prada's summer collection, Karnataka Minister for Rural Development, Panchayat Raj and IT-BT, Priyank Kharge , highlighted that GI tag recognition isn't enough and cultural entrepreneurship is needed. Kharge on Sunday also pointed out that while the chappals are commonly associated with Maharashtra, a large share of the artisans who craft them hail from Karnataka, sharing the tag. The minister said that with the sandals being priced at Rs 1.2 lakh, very few people know where they truly come from. Artisans from Athani, Nippani, Chikkodi, Raibag, and other parts of Belagavi, Bagalkot, and Dharwad in Karnataka have been making these chappals for generations. They have traditionally sold them in nearby towns, especially Kolhapur, which eventually became the default market, and over time, the brand, he said. 'We saw how Maharashtra was pushing for sole GI tag rights over Kolhapuris and through LIDKAR (Karnataka government's subsidiary), we contested this and fought to ensure the state's artisans were not left out,' Kharge wrote X. The GI tag was granted jointly to four districts each in Karnataka and Maharashtra. 'This was never about a contest between the two states but about preserving our shared heritage and giving our artisans the legal recognition they deserve,' the rural development minister said. Kharge called for greater investment in design, branding, skilling, and market access for the artisan communities. 'When international fashion houses adopt our designs, it is our artisans whose names, work, and legacy must be showcased — not sidelined,' he added. While Prada has since acknowledged the Indian roots of the design and signalled openness to artisan collaboration , Kharge emphasised that the artisans don't just deserve credit, they deserve better prices, wider exposure, and the chance to build lasting, dignified livelihoods from their craft.
Time of India
an hour ago
- Time of India
She flies 1,000 km every week for work: Why this AI executive calls her ten hour commute the best career move?
When most people think of long commutes , they picture a frustrating hour in traffic or a crowded train ride. But for Janet Lee, leading go-to-market strategy at a rising AI startup , the daily grind takes a dramatically different shape. Every week, she boards a 7 a.m. flight from Los Angeles to San Francisco , spending nearly five hours door-to-door each way — and does it all over again by Friday night. For her, it's not a sacrifice; it's a strategy. This unusual rhythm, which might seem overwhelming to many, has become the backbone of her professional rise — and an unorthodox recipe for long-term growth. Face-to-Face > Zoom: The Power of Proximity Speaking to CNBC Make It, Lee explained that what started as an impulsive decision turned into a game-changing career move. 'Being in the room changes everything,' she says. In a city like San Francisco, where the AI scene buzzes with innovation and off-the-record networking, proximity isn't just a perk — it's a power move. Her current role at AI startup daydream came out of one such face-to-face interaction. A conversation over SEO unexpectedly turned into a job offer, despite her having no formal background in sales. "Is it crazy if we brought you on?" a new connection asked. She didn't hesitate. The lesson: spontaneous opportunities like this don't usually knock through screens. She credits her success — including the last three jobs she's landed — to being physically present in the right spaces. 'Those doors don't open over Zoom,' she says. You Might Also Like: Nikhil Kamath's 'lifelong learning' advice is only step one: Stanford expert shares the key skills needed to survive the AI takeover Torn Between Ambition and Belonging; So She Chose Both The jet-setting life might seem glamorous, but the real story is more nuanced. In San Francisco, she leads the company's go-to-market efforts — a high-pressure role that constantly challenges her. But Los Angeles is still home — where her support system, oldest friends, and passion project are rooted. Outside of her full-time job, she runs a personal finance coaching business called Doing Well. It was born out of her own journey with financial anxiety and has since evolved into a side hustle that helps others take control of their money. Balancing these two lives — both professionally and geographically — hasn't been easy. But she wasn't ready to give up on either. 'I didn't want to choose between ambition and roots,' she says. Sacrificing Comfort for Career Growth Despite the long-term payoff, the early months of this lifestyle were grueling. She left a steady job, stayed in short-term rentals in unsafe neighborhoods, and picked up the tab for all her flights and accommodations — averaging $450 a week. There were tears in Ubers, lonely late-night meals at the office, and moments of real doubt. You Might Also Like: How this ex-Microsoft and Amazon techie saved 90% of his salary and retired at 39 with Rs 30 crore But she reframed the discomfort as part of the growth process. 'I started doing affirmations every morning,' she recalls. 'Discomfort wasn't a sign to quit. It was proof I was growing.' Eventually, she found her rhythm — building connections in San Francisco, settling into her leadership role, and staying emotionally tethered to her life in Los Angeles. The chaos gave way to clarity. Now, a year into this unconventional routine, the results are showing. She's grown in confidence, expanded her network, and turned a wild experiment into a sustainable lifestyle. What looked like burnout risk became momentum — simply because she kept showing up. In an era where remote work dominates and virtual meetings are the norm, her story is a reminder that sometimes, success still belongs to those who show up in person — even if it means flying five hours to do it.
