Signature Global signs JDAs for Gurugram projects with Rs 5,000 cr revenue potential

Signature Global, a realty firm, has entered into joint development agreements (JDAs) with landlords for the collaborative development of housing projects in Gurugram, with a combined revenue potential surpassing Rs 5,000 crore.

The company has inked three separate JDAs covering a total land parcel of 21.38 acres, translating to a developmental potential of 32 lakh square feet of residential space.

Chairman of Signature Global, Pradeep Aggarwal, stated that these JDAs signify the company’s strategic move to expand its business in response to the increasing demand for housing across major cities. The revenue realization from these JDAs is estimated to exceed Rs 5,000 crore.

The agreements involve three distinct land parcels situated in Sector 71, Gurugram, adjacent to the company’s existing projects.

The first JDA pertains to a 16.12-acre land with a developable area of 25 lakh sq ft, followed by a second JDA covering 4.26 acres and a potential development of 5.3 lakh sq ft. The third JDA encompasses around 1 acre with a developmental potential of 1.9 lakh sq ft.

These collaborations are with privately-owned companies, and Aggarwal outlined the company’s goal to launch these projects within the next 12-24 months.

In the financial realm, Signature Global reported a consolidated net profit of Rs 2.17 crore in the quarter ending December, marking a significant improvement compared to the net loss of Rs 44.89 crore in the same period the previous year.

The company’s total income during this quarter rose to Rs 301.75 crore from Rs 191.78 crore in the corresponding period of the previous year.