Signature Global to Develop 21 Million Square Feet of Affordable Housing Over 6-7 Years Ahead of IPO Launch


    Share post:

    Signature Global, a Delhi-NCR-based real estate developer, is set to embark on an ambitious plan to develop residential projects encompassing approximately 21 million square feet (msf) over the next six to seven years, as announced by the company’s Chief Executive Officer (CEO), Rajat Khaturia. The company is gearing up to launch its initial public offering (IPO) on September 20, focusing on affordable and mid-income housing initiatives across Gurugram and adjacent regions, including Sohna Elevated Road and Manesar.

    “We will be developing 21.29 million square feet of affordable housing for the mid-income segment over 379.07 acres of land. The bulk of this land will be developed in the next six to seven years. Roughly 17.2 msf across 217 acres is already under development in our existing projects,” Khaturia stated.

    Signature Global specializes in the development of affordable group housing for the mid-income segment, adhering to Haryana’s Affordable Housing Policy of 2013, which caps the per square foot (psf) rate for apartments under this scheme at Rs 5,200. According to the Red Herring Prospectus (RHP) issued by the company, as of March 31, 2023, Signature Global had successfully completed 12 projects, spanning 94.68 acres, with a total saleable area of 6.15 msf and 10,737 units sold. The firm demonstrated impressive sales growth at a Compound Annual Growth Rate (CAGR) of 42 percent between FY20-21 and FY22-23, with sales totaling Rs 3,430.6 crore in the last fiscal year.

    The upcoming IPO will consist of new shares worth Rs 603 crore and an offer-for-sale (OFS) of Rs 127 crore worth of shares from the International Finance Corporation. The price band for the IPO has been set at Rs 366-385 per share, with the subscription window opening on September 20 and closing on September 22.

    Khaturia emphasized the company’s commitment to swift project launches, stating that it should not take more than 18 months to initiate a project after acquiring the land. Key project areas include Gurugram sectors 37D, 71, and zones along the Sohna Elevated Road.

    “The projects along the Sohna Elevated Road will comprise a total area of about 138 acres, in sector 37D it is around 25 acres, while in sector 71 it is likely to be around 40 acres,” he explained.

    Signature Global employs innovative construction techniques, such as aluminum foam sheets, to reduce construction costs and make homes more affordable. However, Khaturia clarified that the company has no plans to expand its operations to other states or areas within Delhi-NCR, such as Noida, Faridabad, Greater Noida, etc.

    Also read: Signature Global’s IPO Aims to Secure Top-5 Position in Indian Real Estate Market


    Please enter your comment!
    Please enter your name here

    Related Posts

    Latest posts

    Co-working Leaders Welcome Union Budget 2024

    Commercial and co-working segment of real estate sector have appreciated the government's focus on job creation, skilling...

    Developers Cheer Sitharaman’s Union Budget 2024

    Real estate sector has wholeheartedly welcomed Union Budget 2024, primarily owing to Finance Minister Nirmala Sitharaman's generous allocation...

    Union Budget 2024: Highlights For Real Estate Sector

    Covering a wide spectrum of Indian sectors, the first Union Budget of Modi 3.0, released today (23), focuses...

    DLF Enters Goa Market With Luxury Villas

    DLF Limited, a leading real estate developer based in Delhi-NCR, is set to launch super-luxury villas in Goa...