New Delhi, Mar 10 (PTI) Realty firm Signature Global will invest Rs 1,000-1200 crore per year to purchase land for the development of housing projects and encash strong consumer demand, its Chairman Pradeep Aggarwal has said.
In an interview with PTI, he highlighted that housing demand has been very strong in the past two years across all segments, be it affordable, mid-income, premium, luxury or super luxury.
Aggarwal expects the demand momentum to sustain on better economic growth.
“We will be investing Rs 1,000-1200 crore every year for outright purchase of land to achieve our growth plan,” Aggarwal said.
Apart from outright land acquisition, he said the company would also be open to partnership with landlords for the development of housing projects.
“We will continue to focus on the Gurugram property market for short to medium term,” he said.
On sales bookings, Aggarwal said the company is expecting to reach around Rs 7,200 crore this fiscal against Rs 3,430 crore in the previous financial year.
Recently, the company launched a new luxury housing project in Gurugram with an investment of Rs 2,200 crore. It has already sold the entire project, comprising 1,008 units for Rs 3,600 crore.
The 16.5-acre project ‘DE LUXE-DXP’ is located at Sector 37D, Gurugram, on Dwarka Expressway.
During the first nine months of this fiscal, Signature Global has achieved 41 per cent growth in sale bookings to Rs 3,124.12 crore from Rs 2,209.78 crore in the year-ago period.
The sales booking number is set to reach Rs 7,200 crore this fiscal after it achieved sales of Rs 3,600 crore in its new project on Dwarka Expressway.
Housing demand has revived post-Covid across major cities, driven largely by end-users, although investors have returned to the market with decent price appreciation in the last two years.
In September last year, Signature Global successfully launched its maiden public offer to raise Rs 730 crore.
The public issue, comprising a fresh issue of shares worth Rs 603 crore and an Offer For Sale (OFS) of Rs 127 crore, was subscribed 11.88 times.
Signature Global is mainly into mid-income and affordable housing segments.
Till December 2023, Signature Global has delivered a 6.7 million square feet area. It is developing a 16.9 million square feet area and has a future pipeline of 28.4 million square feet of saleable area. PTI MJH BAL BAL
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