Realty firm Signature Global has acquired 20 acres of land in Gurugram for developing a housing project having a revenue potential of Rs 4,500 crore.
The company has entered into a Joint Development Agreement (JDA) with a landlord for the 20.32 acres of land in Gurugram, Haryana.
The total development potential on this land is 28.4 lakh square feet of residential space.
Signature Global Chairman Pradeep Aggarwal told PTI the potential sales realisation would be around Rs 4,500 crore in this upcoming project.
The company did not disclose the name of landlord. The project will be launched in the next 12-24 months after getting all necessary approvals.
With a surge in housing demand after the COVID pandemic, real estate developers have been acquiring land outright as well as partnering with landlords to expand their businesses.
Earlier this month, Signature Global had announced the signing of three separate JDAs with landlords to develop housing projects on a total 21.38 acres land parcels.
The combined development potential in volume terms is 32 lakh square feet of residential space.
Recently, Signature Global reported a consolidated net profit of Rs 2.17 crore for the quarter ended December.
The company had posted a net loss of Rs 44.89 crore in the year-ago period.
Total income rose to Rs 301.75 crore in the third quarter of this fiscal from Rs 191.78 crore in the corresponding period of the previous year.
During the April-December period of the current fiscal, Signature Global net loss has narrowed to Rs 24.93 crore from a net loss of Rs 71.36 crore in the year-ago period.
The company had posted a net loss of Rs 56.75 crore on a total income of 1,585.87 crore in the 2022-23 financial year.
Last month, the company had informed it has achieved sales bookings of Rs 1,262.73 crore during the third quarter of this fiscal, registering 47 per cent growth annually.
The company, which got listed in September 2023 on stock exchanges, had achieved sales bookings of Rs 856.77 crore in the year-ago period.
Signature Global sold 1,179 units during the October-December period of this fiscal as against 1,089 units in the same period of the previous financial year.
During the April-December period of FY23-24, Signature Global had sold properties worth Rs 3,124.12 crore, up 41 per cent from Rs 2,209.78 crore in the year-ago period.
The company sold 3,135 units in the first nine months of this fiscal as against 3,113 units in the year-ago period.
Signature Global is one of the leading real estate developers in the Delhi-NCR region. It mainly focuses on mid-income and affordable housing segments.
The Gurugram-based company had launched its maiden public offer last year to raise Rs 730 crore.
Signature Global has a portfolio of 17 million square feet of ongoing projects and more than 30 million square feet of forthcoming projects.