PTI, July 07, 2024 : Realty firm Signature Global has acquired two land parcels in Gurugram totalling 10 acres to build housing projects.Signature Global’s subsidiary firm has executed two sale deeds to purchase the lands admeasuring approximately 9.96 acres situated at Tehsil Sohna, District Gurugram, Haryana.
These lands have an overall potential sales area of approximately 0.53 million (5.3 lakh) square feet, according to a recent regulatory filing.
Last month, Signature Global chairman Pradeep Kumar Aggarwal said the company would invest around ₹1,200-1,500 crore to acquire land parcels as part of its expansion plan.
Signature Global had invested ₹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 ₹1,200-1,500 crore on the acquisition of land parcels this fiscal,” he had said.
Signature Global emerged as the fifth largest listed real estate developer last fiscal in terms of sales bookings by achieving record pre-sales of ₹10,290 crore.
The Gurugram-based company has given a guidance of posting ₹12,500 crore worth pre-sales in the current fiscal.
Signature Global is also ramping up construction activities across its ongoing projects.
The company will invest ₹2,500 crore in 2025-26 fiscal on construction activities as against Rs 1,900 crore in the preceding fiscal.
Recently, Signature Global announced plans to raise ₹875 crore through issue of non-convertible debentures to refinance debt and expand business.
Signature Global started its business to develop affordable housing projects but shifted its focus on mid-income, premium and luxury segments because of high land cost in Gurugram.
During the last fiscal year, the company posted a net profit of ₹101.2 crore, a sharp jump from ₹16.32 crore in the preceding year.
Its total income grew to ₹2,637.99 crore in the last fiscal from ₹1,324.55 crore in 2023-24.
Since inception, Signature Global has delivered 13.5 million sq ft 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.