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Signature Global Acquires 18.45 Acres in Gurugram for Luxury Housing
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siliconindia
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Friday, June 14, 2024
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Signature Global has acquired 3.8 acres in Sector 37D, Dwarka Expressway, Gurugram, with a development potential of 600,000 sq ft. This follows another recent purchase of 14.65 acres in the same sector. The company plans to launch multiple projects in this micro market, aiming to enhance its footprint in luxury housing.
“Dwarka Expressway has rapidly emerged as a premier destination for luxury homebuyers”, said Pradeep Kumar Aggarwal, Chairman and Whole-Time Director. The company intends to commence a residential project on this newly acquired land in FY25-26.
Signature Global reported record-breaking pre-sales of Rs 7,270 crore in FY24, with Q4 FY24 contributing Rs 4,140 crore. This represents a 240% year-on-year growth for the quarter and 112% for the year, surpassing the guidance of Rs 4,500 crore. The growth was fueled by the successful launch of its first premium housing project.
Collections for FY24 reached Rs 3,110 crore, up 62% year-on-year, exceeding the forecast of Rs 2,900 crore. The company also achieved significant sales realization growth, with rates increasing 49% to Rs 11,762 per sq. ft compared to Rs 7,886 per sq. ft in FY23.
Signature Global's aggressive expansion in Dwarka Expressway underscores its commitment to becoming a leader in the luxury residential segment.
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