Signature Global to invest Rs 2,200 cr on new housing project in 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 company has recently launched a premium residential project, 'Cloverdale', comprising 770 apartments, on Southern Peripheral Road (SPR), Sector 71, Gurugram.
New Delhi, Jun 29 (PTI) 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 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. PTI MJH HVA
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
12 minutes ago
- Indian Express
May factory output growth drops to 9-month low as rains hit power demand
Growth in India's factory output fell to a nine-month low in May as cooler temperatures due to rains drove down demand for electricity, with mining output also affected. According to data released on Monday by the Ministry of Statistics and Programme Implementation (MoSPI), industrial growth as measured by the Index of Industrial Production (IIP) declined to 1.2 per cent in May, down from 2.6 per cent in April and 6.3 per cent in May 2024. Production of electricity was down 5.8 per cent year-on-year in May – the first time it was down on a year-on-year basis since August 2024. In fact, the year-on-year fall in electricity generation in May was the most since June 2020, when much of the country had come to a halt due to the coronavirus pandemic. The decline in electricity output in May can be attributed to the early onset of the southwest monsoon, which made landfall on May 24, the earliest it has done so since 2009. Along with electricity, mining output also declined in May, albeit by a marginal 0.1 per cent. In April, it had declined by 0.2 per cent. Rains affect mining activities. Meanwhile, manufacturing sector output – which makes up more than three-fourth of the IIP – rose by 2.6 per cent year-on-year, down from 3.1 per cent in April and 5.1 per cent in May 2024. Consumer weakness According to the latest statistics ministry data, production of consumer goods was lower in May compared to a year ago. While output of non-durable goods fell 2.4 per cent – down for the fifth time in six months – that of durable goods was 0.7 per cent lower. This is the first time in one-and-a-half years that production of consumer durable goods has fallen on a year-on-year basis. According to Paras Jasrai, Associate Director and Economist at India Ratings & Research, the contraction in non-durable goods' output in May 'points to weak goods consumption by households'. Output of primary goods also fell in May and was down 1.9 per cent after having posted a 0.2 per cent fall in April. However, growth in capital goods output was in the double-digit territory in May for the second month in a row, following up a 14 per cent growth in April with a 14.1 per cent increase, indicating 'sustained progression in investment activity in the economy', Jasrai said. According to data on the government's finances, also released on Monday, the Centre's capital expenditure in May was up 39 per cent year-on-year at Rs 61,564 crore. For April-May, the Indian government's capex was up 54 per cent from last year at Rs 2.21 lakh crore. Production of intermediate and infrastructure goods was up 3.5 per cent and 6.3 per cent, respectively. In April, output of intermediate goods had increased by 3.5 per cent, while that of infrastructure goods had risen 4.7 per cent. 'Overall, use-based data and manufacturing IP sectoral data shows capital-intensive sectors (metals, machinery, auto, construction) continue to outperform, while consumer durables and non-durables output remains subdued, pointing towards limited impulses from private consumption,' Barclays economists Aastha Gudwani and Amruta Ghare said in a note. A decline in industrial growth in May was expected due to the early rains, with commerce ministry data released on June 20 showing core sector output – which accounts for 40 per cent of the IIP – had increased by a mere 0.7 per cent in May, the least in nine months. Core sector data – which includes sectors such as coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity – is seen as a leading indicator of industrial activity in the country. For the first two months of 2025-26, IIP growth clocked in at 1.8 per cent, less than a third of the 5.7 per cent increase posted in April-May 2024. Looking ahead, industrial growth is seen subdued, with daily data showing power generated in June was down 2.1 per cent as of June 29. 'This may keep the factory output growth around 1.5% yoy (year-on-year) in June 2025, in Ind-Ra's view,' Jasrai said. IIP data for June will be released on July 28. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
India.com
17 minutes ago
- India.com
India To Discuss Spy Planes, Air Defence Systems, Sea Mines In Key Acquisition Meet
At a time when the Operation Sindoor is still on, the Defence Acquisition Council, led by Defence Minister Rajnath Singh, is scheduled to meet this week to take up proposals worth over Rs one lakh crore for modernising the defence forces are expected to be taken up for clearance. The list of proposals worth over Rs one lakh crore for buying equipment for modernisation has been listed in the meeting agenda planned around the end of this week, defence sources told ANI. To strengthen the air defence capabilities of the country, the Quick Reaction Surface-to-air missile system made by the Defence Research and Development Organisation (DRDO) would be taken up for clearance for the Indian Army. The project, worth around Rs 30,000 crore, would be critical for the Indian Army's air defence capabilities as the system can be effective against targets up to 30 km. The Indian Air Force would be putting up a proposal for buying three spy planes to keep a track of enemy activities on the ground under the I-STAR programme. The Intelligence, Surveillance, Targetting and Reconnaissance aircraft would be critical for the Air Force's plans to take out ground targets in the future, the sources said. The three aircraft would be acquired from an original equipment manufacturer and then be modified by the DRDO lab Centre for Airborne Systems in partnership with private partners. The Indian Navy would also be fielding a proposal for DRDO-developed Pressure-based Moored Mines at the meeting, which are to be used for targeting enemy submarines and surface ships. The project for upgrading the capabilities of the 84 Su-30MKI fighter jets is also expected to come up for discussion. The project has already been given the go-ahead by the DAC earlier. Underwater autonomous vessels are also scheduled to be taken up for clearance by the DAC, which would be meeting for the first time after the Operation Sindoor. The DAC is the highest body in the defence ministry for capital procurements for modernisation.
Time of India
17 minutes ago
- Time of India
Ratu Rd flyover readies for July 3 inauguration
Ranchi: Congestion prone Ratu road is set to get relief from traffic snarls at last as the brand-new flyover, built by the National Highway Authority of India (NHAI) gears up for its inauguration on July 3. Tired of too many ads? go ad free now The 4.18 km long, four-lane flyover, which was built at a cost of Rs 291 crore, will be inaugurated by the Union minister of road transport and highways Nitin Gadkari from OTC Ground. Ranchi MP and Union minister of state for defence Sanjay Seth wrote in a post on his X handle. The flyover begins at Naga Baba Khatal and descends at two strategic points: Itki Road, which connects to NH-23 and leads toward Gumla and Daltonganj, and near the OTC Ground. The flyover runs along NH-75, aiming to ease congestion in central Ranchi and improve flow for intercity and highway-bound vehicles. In a first for Ranchi, the flyover is being equipped with noise-barrier-cum-view cutters at a cost of Rs 8 crore, capable of absorbing up to 95% of traffic noise. A 170-metre stretch crossing Raj Bhawan will feature a bulletproof canopy, ensuring added security for VIP movement in the area. The project also includes modular expansion joints to reduce sound and vibration, double-area streetlights for improved illumination, and strengthened ramps for smoother transitions. "Final touch-up work is being carried out which includes lighting, signages, and cleaning to ensure everything is ready for the inauguration. This flyover is not only an engineering achievement but also a traffic lifeline for Ranchi. Tired of too many ads? go ad free now It will greatly ease the daily chaos commuters face," said Anand Kumar, site manager of the project. Preparations for the event are in full swing at OTC Ground, with arrangements underway for stage setup, public seating, security deployment, and media coordination. The inauguration is expected to draw senior officials, political leaders, and large public attendance as Ranchi prepares to welcome a major infrastructure milestone.
