Signature Global has signed three separate joint development agreements (JDAs) with landlords to develop housing projects on a total of 21.38 acres of land parcel. The Realty firm Signature Global has tied up with landlords to jointly develop housing projects in Gurugram with a total revenue potential of over Rs.5,000 crore. The development potential in terms of volume is 32 lakh square feet of residential space.
Chairman of Signature Global, Pradeep Aggarwal stated that, the company has entered into JDAs to expand its business amid rising housing demand across major cities.
When asked about the revenue potential, Aggarwal mentioned to PTI, "The potential sales realisation will be in excess of Rs.5,000 crore from these JDAs."
Among three tie ups, the company has entered into a JDA for a 16.12-acre land that has 25 lakh sq ft of developable area. The second one is for 4.26 acres having 5.3 lakh sq ft development potential, while the third one is of around 1 acre with 1.9 lakh sq ft of development potential.
These land parcels are located in Sector 71, Gurugram and are adjacent to the company's existing projects. These JDAs are with a few privately-owned companies. Aggarwal said the company targets to launch these projects within next 12-24 months.
Reportedly, Signature Global reported a consolidated net profit of Rs.2.17 crore in 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 last year, April- December period, Signature Global sold properties worth Rs. 3,124.12 crore, up 41 per cent from Rs. 2,209.78 crore in the year-ago period.
The Gurugram-based company had launched its maiden public offer last year to raise Rs.730 crore. It mainly focuses on mid-income and affordable housing segments.
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