 "Signature Global eyes taking over Noida's stalled projects to expand biz")
Realty firm Signature Global is looking for land in Noida and Greater Noida to expand the business and will explore taking over stalled housing projects as well provided there are no legacy litigations.
Signature Global, which got listed in 2023, has a significant presence in the Gurugram market of Delhi-NCR.
In an interview with PTI, Signature Global founder and Chairman Pradeep Aggarwal said, "We want to expand our business in Delhi-NCR beyond the Gurugram market. We are looking for land parcels in Noida, Greater Noida and Yamuna Expressway." The company will participate in land auctions conducted by development authorities of these three regions, he added.
That apart, Aggarwal said, "We are also looking to take over stalled housing projects in Noida. The Noida authority has come up with a co-development policy to revive stalled projects. A couple of projects have been approved under this new policy." Aggarwal, however, said the company will take over stalled housing projects, provided the company does not become liable for legacy litigations.
While it will keep looking for land acquisition, Aggarwal said the company has enough land banks in Gurugram for future development.
He said the company will launch multiple housing projects worth Rs 50,000 crore in Delhi-NCR over the next three years to tap strong consumer demand.
"Our target is to grow sales bookings by 25 per cent annually," Aggarwal said.
More From This Section
He expressed confidence that the company would easily achieve the target of Rs 10,000 crore sales bookings in this fiscal.
Signature Global sold Rs 7,270 crore worth of properties during the last fiscal.
Aggarwal noted that housing demand continues to be strong in Gurugram.
"We had given a pre-sales (sales bookings) guidance of Rs 10,000 crore for the current fiscal. We have already achieved Rs 5,900 crore worth of sales bookings in the first half of this fiscal," he said.
Considering the strong performance in the first six months, he said, "We are quite hopeful of over-achieving of our annual guidance." Signature Global's sale bookings jumped over three times to Rs 5,900 crore in the April-September period of the 2024-25 fiscal from Rs 1,860 crore in the corresponding period of the preceding year.
Last month, the company reported a consolidated net profit of Rs 4.15 crore for the quarter ended September.
The company had posted a net loss of Rs 19.92 crore in the year-ago period.
Total income rose to Rs 777.42 crore in the second quarter of this fiscal from Rs 121.16 crore in the corresponding period of the preceding year.
Signature Global has so far delivered 11 million square feet of housing area.
It has a pipeline of about 32.2 million square feet of saleable area in forthcoming projects along with 16.4 million square feet of ongoing projects.
Aggarwal said the company is targeting to deliver 16 million square feet area to its customers by March 2026.
This will help the company to recognise around Rs 10,000 crore revenue in the books of accounts.