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Signature Global to launch 6 projects in FY'19 with Rs 1,000 cr investment

Press Trust of India  |  New Delhi 

Realty firm Wednesday delivered its first project in Gurugram and said it plans to launch six projects in 2018-19 with an investment of Rs 1,000 core.

has launched 9 projects in Gurugram comprising 9,400 flats under government's policy. The company Wednesday delivered its first housing project 'Solera' comprising 1,000 units. This project was launched in 2015.

"We have delivered our first project . We will hand over two more projects this fiscal comprising 1,800 units," company's told

He said the company is planning to launch five housing projects in Gurugram and one in Ghaziabad comprising 7,000 units.

The total construction cost is estimated at around Rs 1,000 core, he said.

Signature Global, which is into affordable housing, recently announced plans to invest Rs 100 crore to develop its first shopping mall at Ghaziabad in

In this mall, the Delhi-based company is also developing 80-rooms serviced apartments/suites to be managed by hospitality firm

The total saleable area is 1 lakh sq ft in this shopping mall, which is expected to be operational by the end of the next year.

The company last year raised Rs 200 crore fund from KKR. It had raised Rs 150 crore from in 2016.

The 9 housing projects launched in Gurugram are in Rs 15-25 lakh price range.

It has also started one housing project at Karnal in comprising 350 units. In these 10 projects, the company is constructing 2.5 lakh sq ft of commercial area as per the rules.

The company said it targets to build 1 lakh affordable homes in Haryana, UP, and by 2022.

With affordable housing segment getting infrastructure status in the last year's Budget, developers are focussing on low cost homes. The government is also providing an interest subsidy on loans for affordable housing, besides levying lower GST of 8 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 10 2018. 17:30 IST
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