Signature Global sells 1,008 opulent apartments in Gurugram for ₹3,600 Crore

20 Mar 2024 , 11:58 PM

In spite of price increases, real estate company Signature Global has sold 1,008 opulent apartments for more over ₹3,600 Crore in its brand-new Gurugram development.

In contrast to the earlier estimate of ₹4,500 Crore, Signature Global Chairman Pradeep Aggarwal stated in an interview with PTI that the company’s sales bookings will easily reach ₹7,200 Crore this fiscal year.

‘We have started construction on a new housing complex on the Dwarka Expressway in Sector 37D, Gurugram. Aggarwal told PTI, ‘We have sold all 1,008 housing units for more than ₹3,600 Crore.

He stated that for this new 16.5-acre housing project called ‘DE LUXE-DXP,’ which has 1,008 apartments with a saleable area of 2.7 Million (27 lakh) square feet, the company had received 5,400 EOIs (Expressions of Interest) from clients. 

‘Premium residences in the ₹3–4 Crore price range were in high demand. The majority of the upscale developments in Gurgaon are selling apartments for more than ₹7 Crore, the man stated.
Senior executives of large corporations and non-resident Indians (NRIs) have reserved almost 35% of the apartments, according to Aggarwal.

He stated that the new home project would be delivered by the corporation in 2028. 

Signature Global reported ‘pre-formal launch sales of more than ₹3,600 Crores’ in this most recent high-end housing project to stock exchanges on Sunday.

When asked what the sales bookings for the entire fiscal year would be, Aggarwal responded, ‘We will easily achieve ₹7,200 Crore.’ Signature Global has already seen a 41% increase in sale bookings from ₹2,209.78 Crore in the same fiscal year to ₹3,124.12 Crore from April to December of this year.

He said that with sales of ₹3,600 Crore from this new project, the total has surpassed ₹6,700 Crore.

For a total of ₹3,430.58 Crore, Signature Global sold 4,512 units during the 2022–2023 fiscal year. 

Despite investors returning to the market with respectable price appreciation in the last two years, housing demand has rebounded in major cities following the Covid epidemic, primarily due to end-user demand. 

Aggarwal explained the cause for the spike in demand by saying that ‘a significant population segment has developed better purchasing power and higher aspirations with growing affluence in the middle class.’

‘…modern-day consumers are seeking a mix of features, amenities, space, and affordability to fulfil the demands of the new age lifestyle,’ Aggarwal stated. 

In an attempt to collect ₹730 Crore, Signature Global successfully conducted its first public offering in September of last year. 

The public offering, which included an Offer for Sale (OFS) for ₹127 Crore and a new issue of shares valued at ₹603 Crore, received 11.88 times subscriptions.

Signature Global primarily focuses on the inexpensive and mid-income housing markets. 

Signature Global has supplied 6.7 Million square feet of space as of December 2023. In addition to the 16.9 Million square feet it is currently creating, there are an additional 28.4 Million square feet of saleable space in the works. 

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