homereal estate NewsSignature Global's luxury homes project in Gurugam hits record sales before official launch
Signature Global's luxury homes project in Gurugam hits record sales before official launch
Rajat Kathuria, CEO of Signature Global India said the base price for the luxury project is around ₹13,000 per square foot.
Real estate company, Signature Global, has sold a record over ₹3,600 crore worth of luxury homes at its Gurugram project, Deluxe DXP, even before its official launch. A total 1,000 units were sold for a base price of around ₹13,000 per square foot.
In an interview with CNBC-TV18, Rajat Kathuria, CEO of Signature Global India shared details about the project. “This is about 2.7 million square foot, development, which we are coming up with just off the Dwarka Expressway.”
He pointed out that the Dwarka expressway is expected to be inaugurated within this month by Prime Minister Modi. "So, it's a good coincidence that the project got launched, and we were overwhelmed with the responses with more than 5x subscriptions."
Dwarka Expressway or NH 248-BB, is a 27.6 km long expressway currently under construction. It comprises eight lanes in each direction, making a total of 16 lanes. This elevated grade-separated expressway links Dwarka in Delhi to Kherki Daula Toll Plaza in Gurugram, Haryana. Prime Minister Narendra Modi is scheduled to inaugurate the expressway on March 11, 2024.
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In the third quarter (Q3FY24), the company reported a 47% year-on-year (YoY) jump in pre-sales to ₹1,263 crore from ₹857 crore. It was the company's best-ever nine-month performance, with pre-sales for 9MFY24, up 42% YoY at ₹3,124 crore.
The company is currently working on around 27 million square feet of inventory, valued at over ₹35,000 crore, predominantly catering to the mid-income segment.
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The realty firm aims to achieve cash flows between ₹2,900 and ₹3,000 crore for the full year. The company's collections for 9MFY24 have risen 57% YoY to ₹2,096 crore.
The market capitalisation of SignatureGlobal India is around ₹19,912.47 crore and it competes with players such as Brigade Enterprises, Prestige Group, and Oberoi Realty.
The stock has gained 209% over the past year.
For the entire interview, watch the accompanying video
(Edited by : Shweta Mungre)
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