Signature Global to invest Rs 500 cr in 2 new housing projects in Gurugram
Realty firm Signature Global will invest over Rs 500 crore during the next four years to develop two new affordable housing projects in Gurugram, Haryana, a top company official said.
The two projects, comprising around 2,400 units, will be developed under the Haryana government’s affordable housing policy.
“We are launching two new affordable housing projects in Gurugram. We will construct around 2400 units,” Signature Global Founder and Chairman Pradeep Aggarwal told PTI.
The demand for affordable homes remains intact despite the COVID-19 pandemic, he said.
Asked about the project cost, Aggarwal said the company would invest over Rs 500 crore on the development of these two projects.
The project ‘Signature Global Superbia’ in Sector 95 is spread over 7.3 acre and will have 1,061 units, while the 9.1-acre project ‘The Millennia 3’ in Sector 37D is in joint venture with the land owner and comprises of 1,322 units.
The selling prices of the units start from over Rs 23 lakh.
Aggarwal said the company will fund these two projects from internal accruals. The company currently has a debt of around Rs 600 crore.
In the last six years, Signature Global, which is mainly into affordable homes, has launched more than 20 housing projects in Gurugram, Sohna and Karnal (Haryana). It has delivered three housing projects.
The company has also launched commercial projects, including a shopping mall, in Vaishali and Ghaziabad (Uttar Pradesh), comprising over 7.5 lakh square feet area.
The government is promoting affordable housing in a big way by charging only 1 per cent GST and providing interest subsidy under the Credit Linked Subsidy Scheme.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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