Signature Global (India) has acquired 25.75 acres of land in Gurugram for a significant group housing project, withholding deal details. The acquisition involves prime land in Gurugram, offering a vast development potential of 3.25 million sq. ft. The company is also in advanced negotiations for joint development agreements for 16.12 acres and collaboration agreements for 4.26 acres in the same vicinity. Financially, it experienced a 37.57% increase in pre-sales in H1 FY24 and reported a 64.92% growth in collections. Signature Global recently launched a successful initial public offering to raise Rs 730 crore, further solidifying its presence in real estate.
Signature Global (India) has announced its acquisition of an expansive land parcel encompassing approximately 25.75 acres in the vibrant city of Gurugram, destined for the ambitious realization of a group housing project. This significant development was officially disclosed via a filing with the Bombay Stock Exchange (BSE). However, the financial particulars of this transaction, including the deal's exact worth and the identity of the land's previous owner, remain veiled in confidentiality.
This strategic move finds its roots in a sale deed consummated on October 23, 2023. The acquired land in Fazilpur, Gurugram, Haryana, serves as the canvas for the ambitious group housing project, meeting both vision and land resource needs. The acquired land parcel has an expansive development potential of 3.25 million square feet.
Signature Global, according to its red herring prospectus, is engaged in advanced negotiations with the landowner regarding a prospective joint development agreement encompassing a parcel of 16.12 acres within the same vicinity. Moreover, an extra 4.26 acres nearby prompts collaboration talks, reinforcing Signature Global's commitment to urban transformation and community development.
Signature Global has witnessed a commendable 37.57% upswing in pre-sales, an impressive figure that has soared to a value of Rs 1,861.39 crore during H1 FY24, signifying substantial growth when compared to the Rs 1,353.01 crore recorded in the corresponding period of H1 FY23. In tandem with these pre-sales achievements, the company has reported a staggering 64.92% surge in collections, amounting to Rs 1,327.45 crore during the first half of FY24.
Furthermore, the realization from sales has surged significantly, reaching an approximate value of Rs 9,800 per square foot, as compared to the Rs 7,425 per square foot realized during H1 FY23. Remarkably, Signature Global has successfully steered its initial public offering (IPO) to fruition, aiming to raise a substantial Rs 730 crore. This financial endeavour, composed of a fresh issue of shares valued at Rs 603 crore alongside an Offer for Sale (OFS) component worth Rs 127 crore, has garnered remarkable interest from the public, as it was oversubscribed by a factor of 11.88 times.
Eminent equity investors like HDFC and IFC have firmly established Signature Global's presence by overseeing the delivery of over 6 million square feet of real estate excellence. With ongoing projects spanning an impressive 17.21 million square feet, they also have a promising pipeline that extends to 21.29 million square feet of saleable area. In the realm of real estate development, Signature Global continues to leave a vivid and enduring legacy.
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