Realty firm Signature Global has bought 14.65 acres of land in Gurugram to develop a housing project as part of its expansion plan.
In a statement, the company said it has acquired 14.65 acres of land in Sector 37D near Dwarka Expressway, Gurugram.
However, it did not disclose the deal value and the name of the seller.
Sources said the deal value could be around ₹350 crore.
Signature Global plans to develop a residential project comprising 27 lakh square feet area.
Pradeep Kumar Aggarwal, Chairman of Signature Global, expects the demand for residential housing in this region to remain strong.
“We aim to launch a residential project on this land in 2025-26, reinforcing our presence in the luxury housing market,” Aggarwal said.
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Signature Global Ltd has set a target to sell ₹10,000 crore worth housing properties in 2024-25, up 38 per cent from the last fiscal.
Performance in 2023-24 fiscal
The company’s sales bookings more than doubled to ₹7,268 crore in 2023-24 from ₹3,430 crore in the preceding year.
The company, which is mainly developing projects at Gurugram in Haryana, sold 4,619 units last fiscal as against 4,512 units in 2022-23.
In terms of area, Signature Global sold 6.18 million square feet in 2023-24, up from 4.35 million square feet in the preceding year. Sales realisation for the 2023-24 averaged ₹11,762 per square feet compared to ₹7,886 per square feet in the previous fiscal.
“The financial year 2023-24 marked a significant period for our company, characterised by several achievements, including a successful IPO, expansion into the premium segment, and a notable transition to mid-income housing from affordable housing,” Aggarwal said.
Signature Global reported a more than five-fold jump in its consolidated net profit to ₹41.21 crore for the quarter ended March, driven by higher income.
Its net profit stood at ₹7.60 crore in the year-ago period.
Total income increased to ₹722.73 crore in the fourth quarter of the last fiscal year from ₹709.86 crore in the corresponding period of the preceding year, according to a regulatory filing.
During the 2023-24 fiscal, the company posted a net profit of ₹16.18 crore as against a net loss of ₹63.86 crore in the preceding year.
However, total income decreased to ₹1,324.55 crore in the last fiscal from ₹1,585.87 crore in the 2022-23 fiscal.
In September last year, Signature Global successfully launched its IPO (initial public offering) to raise ₹730 crore. The public issue, comprising a fresh issue of shares worth ₹603 crore and an Offer for Sale (OFS) of ₹127 crore, was subscribed 11.88 times.
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