Signature Global Acquires 14.65 Acres in Gurugram for ₹350 Cr

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Signature Global acquires 14.65 acres in Gurugram for ₹350 Cr, and plans a 27 lakh sq ft luxury residential project. Targets ₹10,000 Cr sales in 2024-25, with a 38% increase. It achieved ₹7,268 Cr in sales last year, with a 5x jump in net profit.

Signature Global News Today

Signature Global, a leading real estate firm, has acquired 14.65 acres of land in Gurugram's Sector 37D near Dwarka Expressway for approximately ₹350 crore. This acquisition aligns with the company's expansion strategy for developing a housing project in the area.

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Development Plans

The purchased land is intended for the development of a residential project spanning 27 lakh square feet, tapping into the demand for luxury residences in Gurugram. The company aims to launch this project by 2025-26, solidifying its presence in the luxury housing segment.

Financial Performance

In the fiscal year 2023-24, Signature Global witnessed substantial growth in its sales bookings, surpassing ₹7,268 crore, marking a significant increase from ₹3,430 crore in the previous year. The company sold 4,619 units, reflecting a steady sales volume.

Additional Read:  Share Market News

Profit Surge

The company reported a remarkable five-fold surge in its consolidated net profit, reaching ₹41.21 crore for the quarter ended March, attributed to increased income. Total income for the fiscal year amounted to ₹722.73 crore, showcasing a healthy financial performance.

IPO Success

Signature Global's success extends to its IPO launched in September last year, which raised ₹730 crore. The public issue, oversubscribed by 11.88 times, reflects investor confidence in the company's growth prospects and strategic initiatives.

Future Outlook

With a portfolio of 48.6 million square feet, including ongoing and forthcoming projects, Signature Global is poised for continued expansion and market dominance in the Delhi-NCR region. The company remains committed to delivering value to its stakeholders while meeting the evolving needs of homebuyers.

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