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In a recent regulatory filing, it was revealed that Signature Global, a listed real estate developer, has accomplished the sale of over 1,000 luxury flats in its latest housing project situated near Dwarka Expressway in Gurugram, fetching a remarkable sum of over INR 3,600 crore.
The project, named 'DE LUXE-DXP,' spans across 16.5 acres in Gurugram Sector 37D and presents a prime residential opportunity with a sales potential of 2.7 million square feet. Offering a diverse range of units including 3BHK, 3.5BHK, 4.5BHK apartments, and penthouses, the development attracted significant interest, resulting in an "oversubscribed expression" of interest over 5.4 times for the available units.
According to Pradeep Aggarwal, Chairman and Whole-Time Director of Signature Global, the rise in demand can be attributed to the rising affluence in the middle class, leading to enhanced purchasing power and higher aspirations among consumers. Particularly noteworthy is the enthusiastic response from NRIs and corporate professionals, indicating a strong appetite for premium residential offerings.
Aggarwal emphasised the growing demand for premium homes in the price range of INR 3-4 crore, noting that the Gurgaon market primarily offers flats priced at over INR 7 crore. This trend underscores the need for residential developments that balance luxury, amenities, space, and affordability to cater to the evolving lifestyle preferences of modern-day consumers.
The completion of the 'DE LUXE-DXP' project is slated for 2028, with Signature Global committed to delivering a high-quality living experience to its customers. The company's successful pre-formal launch sales, exceeding INR 3,600 crore, highlights its strong market positioning and the high demand for premium residential properties in Gurugram.
Signature Global, renowned for its focus on mid-income and affordable housing segments, has a track record of delivering quality projects. As of December 2023, the company has delivered 6.7 million square feet of area and is actively developing an additional 16.9 million square feet. Additionally, it holds a promising future pipeline of 28.4 million square feet of saleable area, indicating sustained growth prospects in the real estate market.
In a significant move last year, Signature Global successfully launched its maiden public offer, raising INR 730 crore. The overwhelming response to the public issue, which was subscribed 11.88 times, reflects investor confidence in the company's growth trajectory and its ability to capitalise on emerging opportunities in the real estate sector.
As Signature Global continues to expand its footprint and deliver exceptional value to its customers, the completion of its latest housing project signifies a significant milestone in the company's journey. With a steadfast commitment to quality, innovation, and customer satisfaction, Signature Global is poised to maintain its position as a leading player in the Indian real estate market.
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