Signature Global, a realty developer, plans to invest nearly 2,500 crore in constructing over 6 million sq ft of residential projects in Gurugram during the second half of FY24. The company has obtained land parcels in Sector 71 and Sector 37D and aims to launch these projects before March 2024. Chairman Pradeep Kumar Aggarwal stated that the company has decided to extend its presence in three micro-markets in Gurgaon, namely Sector 71, Sector 37D, and Sohna, and has already procured some land parcels in these areas where they will commence development work.

During the pre-sales period for H1FY24, there was an increase of 37.6% in revenue, from 1,353 crore to 1,861 crore, compared to the same period in the previous year. Signature Global managed to reduce its debt to 362 crores by the end of September, down from 1,093 crores at the end of FY23. This was due to an increase in sales realizations to 9,800 per sq ft from 7,425 per sq ft. "We acquired these parcels before the increase in land rates, so we can launch at a lower rate and offer buyers the opportunity to earn more on the property," said Aggarwal.

The company has signed definitive documents to acquire 25.14 acres of land in Sector 71, Gurugram. The land will be developed as a mixed-use project with housing and commercial components. The estimated capital expenditure for land and approval purposes related to the project is expected to be around 750 crores. Additionally, we plan to invest 1,200 crores for the construction of the project. With two major projects in the pipeline for the remaining months of the financial year, we anticipate launching projects worth 8,500 crores.