Gurugram-based real estate developer Signature Global is preparing to extend its operations into the Delhi, Noida, and Greater Noida markets. This move signals a significant shift as the company aims to broaden its reach and influence in the National Capital Region (NCR).
As reported by the The Economic Times, Signature Global, which went public in September after raising Rs 730 crore through an Initial Public Offering (IPO), has already delivered 11 million square feet of real estate. The company is currently focused on a substantial pipeline of projects, with 32.2 million square feet of saleable area planned for the future, alongside 16.4 million square feet in ongoing developments.
According to Rajat Kathuria, CEO of Signature Global, the company is poised to enter the Delhi, Noida, and Greater Noida markets with new housing projects. While no immediate launches are anticipated within this financial year, Kathuria indicated that the company will likely introduce projects in these regions over the next fiscal year. The strategy aims to achieve significant market share and establish a notable presence in these new locations.
Signature Global has established a large land bank in Gurugram, including areas such as Sector 71, the Southern Peripheral Road, Sector 37D at Dwarka Expressway, and the Sohna region. The company plans to continue acquiring land in these locations to support ongoing and future projects.
For the fiscal year 2023-24, Signature Global reported sales bookings totaling Rs 7,270 crore. The first quarter of the current fiscal year saw a dramatic increase in sales bookings to Rs 3,120 crore, compared to Rs 880 crore in the same period the previous year. The company achieved a net profit of Rs 6.76 crore for the quarter ending June, reversing a net loss of Rs 7.22 crore from the previous year. Total income rose to Rs 427.98 crore from Rs 178.90 crore year-over-year.
Signature Global has also made strides in reducing its net debt, which decreased by 16 percent to Rs 980 crore as of June, down from Rs 1,160 crore at the end of the last financial year. The company aims to maintain net debt below 0.5 times of the projected operating surplus for the ongoing financial year, reflecting its commitment to prudent financial management.
Initially focused solely on affordable housing, Signature Global has diversified its offerings to include mid-income, premium, and luxury residential segments. This diversification strategy is designed to cater to a broader range of market needs and preferences.
Signature Global’s strategic expansion into the Delhi, Noida, and Greater Noida markets represents a significant development in the company’s growth trajectory. With a substantial project pipeline, strong financial performance, and a diversified portfolio, Signature Global is well-positioned to make a considerable impact on the NCR real estate market.