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Signature Global, Delhi-NCR based real estate developer is planning to expand its residential projects in the coming years. The company's CEO, Rajat Khaturia, revealed that the company intends to develop approximately 21 million square feet (msf) of real estate over the next six to seven years.
These developments will primarily focus on creating 19 affordable and mid-income housing projects in Gurugram and nearby areas, such as Sohna Elevated Road and Manesar. All projects will in all likelihood cover 21.29 million square feet, catering to the mid-income housing segment, across 379.07 acres of land. Notably, a significant portion of this land is already in use, with 17.2 msf spread over 217 acres currently under development within existing projects.
Signature Global specializes in building affordable group housing for the mid-income demographic, adhering to Haryana's Affordable Housing Policy of 2013, which caps the per square foot rate for apartments at Rs 5,200. As of March 31, 2023, the company had successfully completed 12 projects spanning 94.68 acres, boasting a total saleable area of 6.15 msf, and had sold a remarkable 10,737 housing units. Signature Global's impressive sales growth, with a Compound Annual Growth Rate (CAGR) of 42 percent between FY20-21 and FY22-23, reached Rs 3,430.6 crore in the last fiscal year.
Signature Global is set to launch its upcoming initial public offering (IPO) on September 20, aiming to raise Rs 603 crore by offering new shares to the public, while also divesting Rs 127 crore worth of shares held by the International Finance Corporation. The IPO's share price range is fixed between Rs 366 and Rs 385 per share. The company's strategic vision entails initiating a new project within 18 months of land acquisition, with a primary focus on three key areas: Gurugram sectors 37D, 71, and adjacent regions along the Sohna Elevated Road, encompassing approximately 138 acres of land. Sector 37D is allocated around 25 acres, sector 71 is earmarked for approximately 40 acres, and the projects near the Sohna Elevated Road.
Signature Global's commitment to affordability and innovation is evident in their use of materials like aluminium foam sheets for construction. Notably, they have chosen to concentrate their efforts on their existing locations and have no plans for expansion into other states or areas within Delhi-NCR, such as Noida, Faridabad, or Greater Noida.
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