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Signature Global To Construct A New Housing Project

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Signature Global To Construct A New Housing Project

Signature Global buys land at Sohna to construct a housing project worth Rs 385 crore

A top company official said that Signature Global is going to invest Rs 385 crore over the next three years with a view to developing a housing project in Gurugram, Haryana. 

Signature Global is a Delhi based company that bought 17.35-acre land at Sohna for nearly Rs 100 crore. The company will construct 64 independent floors in two phases. The price range is fixed between Rs 39 and 74 lakh.

Signature Global is primarily focussed on developing projects under the affordable housing scheme. The company is currently involved in constructing 10 such projects that comprise of around 9,500 units under Haryana government’s affordable housing policy. The homebuyers have already got possession of 1,000 units of a project. 

Company’s Chairman Pradeep Aggarwal confirmed that they have started a new housing project  ‘Signature Global Park’ in Sohna, Gurugram and the construction work is in progress. Rs 385 crore which is the estimated cost of the project will be met through internal accruals, advances from customers and bank/NBFC debt.

This is the company’s third project under Haryana government’s Deen Dayal Jan Aawas Yojna. Deen Dayal Jan AwasYojna is an initiative of Haryana government that aims to encourage the development of ”high density plotted colonies” in Low and Medium Potential towns of Haryana through a liberal policy framework.

Two housing projects comprising of 1,974 units are already under development in Karnal under the scheme. Signature Global also has a presence in the commercial real estate segment and has pumped Rs 100 crore to develop first shopping mall at Ghaziabad in Uttar Pradesh with a saleable/leasable area of one lakh sq ft.

With 80-room serviced apartments/suites in the mall, these will be managed by hospitality firm Clarks Premier. Signature Global had earlier raised Rs 200 crore fund from private equity player KKR and Rs 150 crore from ICICI Prudential to fund its projects.

Source: Moneycontrol

ALSO READ: Signature Global To Invest Rs 200 Cr On Affordable Housing

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