• Thu. Feb 29th, 2024

    Signature Global Collaborates with Landlords for Housing Projects in Gurugram

    ByJames Forsyth

    Feb 4, 2024
    Signature Global Collaborates with Landlords for Housing Projects in Gurugram

    Realty firm Signature Global has recently announced its collaboration with landlords to jointly develop housing projects in Gurugram, with an estimated revenue potential surpassing ₹5,000 crore. Through three separate joint development agreements (JDAs), the company intends to utilize a total land parcel of 21.38 acres, which translates to a development potential of 32 lakh square feet of residential space.

    Chairman of Signature Global, Pradeep Aggarwal, expressed the company’s objective to expand its business in response to the escalating demand for housing across major cities. Aggarwal emphasized that these JDAs would play a crucial role in achieving that goal. Although he refrained from divulging specific figures, he affirmed that the potential sales generated from these JDAs would exceed ₹5,000 crore.

    The first JDA encompasses a vast 16.12-acre land with a developable area of 25 lakh square feet. Meanwhile, the second JDA relates to a 4.26-acre plot, offering a development potential of 5.3 lakh square feet. Lastly, the third JDA covers approximately 1 acre and holds the potential for 1.9 lakh square feet of development. Conveniently, all these land parcels are situated in Sector 71, Gurugram, adjacent to Signature Global’s existing projects.

    Signature Global aims to inaugurate these projects within the next 12-24 months, as the company capitalizes on its partnership with privately-owned entities. This initiative bolsters Signature Global’s reputation as one of the leading developers in the Delhi-NCR real estate market, with a primary focus on mid-income and affordable housing segments.

    In addition to its recent collaboration, Signature Global reported a consolidated net profit of ₹2.17 crore in the final quarter of 2023, a significant turnaround from the net loss of ₹44.89 crore incurred during the same period the previous year. The company’s total income also experienced a noteworthy surge, increasing from ₹191.78 crore to ₹301.75 crore in the corresponding period.

    The positive financial results extend to the wider fiscal year, with Signature Global witnessing a narrowing of net losses from ₹71.36 crore to ₹24.93 crore in the April-December period of 2023-24, compared to the previous year. Furthermore, the company achieved sale bookings of ₹1,262.73 crore in the third quarter of this fiscal, reflecting a remarkable 47% annual growth.

    Signature Global’s successful collaboration and impressive financial performance demonstrate its commitment to meeting the rising demand for affordable housing while securing its prominent position in the real estate sector.

    Frequently Asked Questions (FAQs)

    1. What is Signature Global’s recent announcement?
    Signature Global has announced its collaboration with landlords to jointly develop housing projects in Gurugram, with an estimated revenue potential surpassing ₹5,000 crore.

    2. How much land parcel will Signature Global utilize for these projects?
    Signature Global intends to utilize a total land parcel of 21.38 acres for the housing projects, with a development potential of 32 lakh square feet of residential space.

    3. Who is the Chairman of Signature Global?
    The Chairman of Signature Global is Pradeep Aggarwal.

    4. What is the goal behind these Joint Development Agreements (JDAs)?
    The goal behind these JDAs is to expand Signature Global’s business in response to the increasing demand for housing across major cities.

    5. What is the location of these joint development projects?
    The land parcels for these joint development projects are situated in Sector 71, Gurugram, adjacent to Signature Global’s existing projects.

    6. When does Signature Global aim to inaugurate these projects?
    Signature Global aims to inaugurate these projects within the next 12-24 months.

    7. Which market segment does Signature Global primarily focus on?
    Signature Global primarily focuses on mid-income and affordable housing segments in the Delhi-NCR real estate market.

    8. What were Signature Global’s financial results in the final quarter of 2023?
    In the final quarter of 2023, Signature Global reported a consolidated net profit of ₹2.17 crore, a significant turnaround from the net loss of ₹44.89 crore incurred during the same period the previous year.

    9. How did Signature Global’s total income change in the corresponding period?
    Signature Global’s total income increased from ₹191.78 crore to ₹301.75 crore in the corresponding period.

    10. What were Signature Global’s net losses in the April-December period of 2023-24?
    In the April-December period of 2023-24, Signature Global narrowed its net losses from ₹71.36 crore to ₹24.93 crore compared to the previous year.

    Definitions:
    – Revenue potential: The expected or estimated amount of revenue that can be generated.
    – Joint development agreements (JDAs): Agreements between parties to jointly develop a property or project.
    – Developable area: The area of land that can be developed for a specific purpose, such as residential space.

    Suggested related links:
    Signature Global Official Website