These units, launched in Gurgaon and Sohna in 2021-2022, are all in the mid-segment and affordable category. The revenue recognition for these projects is Rs 11,000 crore.
According to a top company executive who spoke to Moneycontrol, listed real estate developer Signature Global will finish and deliver over 17 million square feet of space in its 28 distinct projects across the Gurgaon and Sohna regions by the financial year 2025-2026 with potential revenue of Rs 11,000 crore. These will all be affordable, mid-segment units that will go on sale in 2021-2022.
According to Signature Global’s Chairman and Whole-Time Director, Pradeep Aggarwal, these initiatives are underway in Gurgaon and nearby suburbs like Sohna.
“By FY 2025-2026, we hope to deliver and finish these 17 million square foot projects. The revenue recognition for these projects is Rs 11,000 crore. We plan to begin completing these projects in 2025. According to Aggarwal, Moneycontrol, “The projects are a mix of mid-segment and affordable categories in a ratio of 70:30.”
According to him, the mid-income segment apartments at Signature Global start at Rs 1 crore, while the affordable category flats begin at Rs 25-30 lakh.
Twenty-eight projects -23 residential and five commercial and retail — are scheduled for completion by 2026, according to data provided by Signature Global. Of the twenty-three housing projects, eight are in the Gurgaon mid-income category, six are in the Sohna mid-income category, and nine are in the affordable segment.
218.5 acres of land in Sohna and Gurgaon are part of the overall development. These projects will likely require a total investment between Rs 7,500 and Rs 8,000 crore.
In addition, Signature Global intends to introduce new projects with a top line of between Rs 10,000 and Rs 12,000 crore in the upcoming fiscal year and 10 million square feet of saleable space. Agarwal says the company will develop ten million square feet of land in the next fiscal year.
“The new launches will comprise three projects, which will come up in Gurgaon sectors 71, 84, and Sohna region of the district. These will be premium projects with a ticket size starting from around Rs 3 crore,” he said.
According to Aggarwal, these projects will require an investment of about Rs 6,500 crore, including the cost of the land, with an estimated top line of about Rs 12,000 crore.
In an attempt to raise Rs 730 crore, Signature Global successfully conducted its first public offering in September 2023. 11.88 times as many shares as there were in the public offering, which included an Offer for Sale (OFS) for Rs 1277 crore and a new issue of shares valued at Rs 603 crore.
Signature Global has supplied ana rea of 6.7 million square feet through December 2023. In addition to the 16.9 million square feet it is now developing, there are another 28.4 million square feet of potential saleable space in the works.
Due to increased revenue, the real estate company reported a combined net profit of Rs 2.17 crore for the quarter that ended in December. During the comparable period in 2017, the company reported a net loss of Rs 44.89 crore.