July 14, 2024 |
Signature Global to Launch Housing Projects Worth Rs 13,000 Cr by Mar Next Year: CMD
Realty firm Signature Global will launch multiple housing projects with a revenue potential of around Rs 13,000 crore by March next year to expand business and encash strong demand.
Signature Global Chairman Pradeep Kumar Aggarwal said, “We have launched one housing project worth around Rs 3,000 crore in the first quarter of 2024-25. We have a strong launch pipeline for the remaining three quarters”.
“We are looking at launching more housing projects in Gurugram, Manesar and Sohna belt. These upcoming projects will have a revenue potential of around Rs 13,000 crore,” he added.
Gurugram-based Signature Global, which got listed on the stock exchanges last year, is one of the leading real estate developers in the country.
Asked about the execution of projects, Aggarwal said the company is focusing a lot on the timely delivery of projects.
“We will invest around Rs 2,500 crore this fiscal on the construction activities,” he said.
On sales performance, Aggarwal expressed confidence that the company would meet the sales bookings guidance of Rs 10,000 crore for 2024-25, a significant growth from Rs 7,270 crore in the preceding year.
Already, Signature Global has achieved Rs 3,120 crore in sales bookings during the April-June quarter, a 3.5 times jump from Rs 820 crore in the year-ago period.
“The housing demand continues to be strong, especially for good branded players,” he said.
Aggarwal said the company is expecting to collect Rs 6,000 crore from customers this fiscal.
The company would utilise internal cash flow on construction, land acquisition and debt reduction, the chairman said.
“We are looking for land in Noida and Delhi markets for the development of housing projects,” he said, adding that the company intends to launch projects in these two new cities during 2025-26.
Founded in 2014, Signature Global focused only on affordable housing projects in its initial years of establishment.
Later, the company expanded its presence into mid-income, premium and luxury housing segments.
Signature Global has so far delivered 10.4 million square feet area.
It has a robust pipeline of about 32.2 million square feet of saleable area in its forthcoming projects and 16.4 million square feet in its ongoing projects.
Signature Global share price closed at Rs 1,513.10 apiece on BSE on July 12, with a total market capitalisation of Rs 21,260.67 crore.
Source : Money Control
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