Realty firm Signature Global will invest Rs 385 crore over the next three years to develop a affordable housing project in Gurugram, Haryana, a top company official said.
The national capital-based company has bought 17.35 acre land at Sohna for nearly Rs 100 crore and will construct 864 independent floors in two phases. It will sell these units in a price range of Rs 39-74 lakh.
Signature Global mainly focuses on affordable housing and is currently constructing 10 such projects, comprising around 9,500 units, under Haryana government’s affordable housing policy.
One project comprising 1,000 units have been delivered to home buyers.
“We have started a new housing project ‘Signature Global Park‘ in Sohna, Gurugram. The construction work has already begun,” company’s chairman Pradeep Aggarwal told PTI.
The project cost is estimated at Rs 385 crore, which will be met through internal accruals, advances from customers and bank/NBFC debt.
This will be the company’s third project under Haryana government’s Deen Dayal Jan Aawas Yojna. It is already developing two housing projects comprising 1,974 units at Karnal, Haryana, under this scheme.
Signature Global has entered into commercial real estate segment and is investing Rs 100 crore to develop first shopping mall at Ghaziabad in Uttar Pradesh with a saleable/leasable area of one lakh sq ft.
In this mall, there will be 80-room serviced apartments/suites to be managed by hospitality firm Clarks Premier.
Signature Global had earlier raised Rs 200 crore fund from private equity player KKR and Rs 150 crore from ICICI Prudential to fund its projects.