NEW DELHI: Signature Global, the realty firm, will invest Rs 385 crores over the next three years to develop a housing project in Gurugram, Haryana, a top company official said.
The national capital-based company has bought 17.35 acre land at Sohna for nearly Rs 100 crores and will construct 864 independent floors in two phases. It will sell these units in a price range of Rs 39-74 lakh.
Signature Global mainly focuses on affordable housing and is
currently constructing 10 such projects, comprising around 9,500 units, under
Haryana government’s affordable housing policy.
One project comprising 1,000 units have been
delivered to home buyers.
Company’s chairman Pradeep Aggarwal said that Signature
Global has started a new housing project ‘Signature Global Park’ in Sohna,
Gurugram. The construction work has already begun.
The project cost is estimated at Rs 385 crores, which will be
met through internal accruals, advances from customers and bank/NBFC
debt.
This will be the company’s third project under Haryana government’s Deen Dayal Jan Aawas Yojna. It is already developing two housing projects comprising 1,974 units at Karnal, Haryana, under this scheme.
Signature Global has entered into commercial real estate segment and is investing Rs 100 crores to develop first shopping mall at Ghaziabad in Uttar Pradesh with a saleable/leasable area of one lakh sq ft.
In this mall, there will be 80-room serviced apartments/suites to be managed by hospitality firm Clarks Premier.
Signature Global had earlier raised Rs 200 crores fund from private equity player KKR and Rs 150 crores from ICICI Prudential to fund its projects.
Source: Economic Times