Signature Global (Affordable Housing Developer) will invest Rs 385 crore for its new housing project in Gurugram.

By Abhay Shah, Realty Quarter

Signature Global Real Estate Company will invest Rs 385 crore over the next three years to develop a housing project in Gurugram, Haryana, said a top official of the company.

For nearly Rs 100 crore, the national capital-based firm has purchased 17.35 acre of land at Sohna and will build 864 independent floors in two phases. The price range for these units to be sold would be Rs 39-74 lakh.

Signature Global focuses primarily on affordable housing and is presently building 10 such projects, consisting of around 9,500 units, under the affordable housing policy of the Haryana government. One project was delivered to home buyers containing 1,000 units.

“We began a new ‘Signature Global Park’ housing project in Sohna, Gurugram. Construction job has already begun,” said Pradeep Aggarwal, chairman of the company, to PTI. The cost of the project is estimated at Rs 385 crore, to be achieved through internal accruals, advances from customers and bank/NBFC debt.

This will be the third undertaking of the company under Deen Dayal Jan Aawas Yojna from the government of Haryana. Under this system, two housing projects with 1,974 units are already being developed at Karnal, Haryana.

Signature Global has joined the commercial real estate segment and is investing Rs 100 crore in the development of Ghaziabad’s first shopping mall in Uttar Pradesh with a saleable/leasing region of one lakh sq ft.

There will be 80-room serviced apartments/suites in this mall to be operated by the Clarks Premier hospitality company.

Earlier, Signature Global raised Rs 200 crore funds from private equity player KKR and ICICI Prudential’s Rs 150 crore to fund their projects.