Signature forms JV with RMZ for development of mixed-use project in Gurugram

SignatureGlobal India today inked an agreement to form a joint venture with RMZ, a leading developer and asset manager of commercial real estate in India, to develop a mixed-use project comprising office buildings, hotels, and retail spaces on the Southern Peripheral Road (SPR) in Gurugram.

Under the agreement, Signature Global and RMZ will form a 50:50 joint venture, with RMZ committing an investment of Rs 1,283 crore to acquire a 50% equity stake in the project.

As part of the transaction, the Company, Gurugram Commercity (GCL), a wholly owned subsidiary of SignatureGlobal, and Millennia Realtors , an RMZ entity, have entered into a Securities Subscription and Purchase Agreement (SSPA). Under the SSPA, RMZ will acquire a 50% equity stake in GCL through a combination of share purchase and share subscription, for an aggregate consideration of up to Rs 1,283 crore.

 

Located on the Southern Peripheral Road, the project will have a Floor Space Index (FSI) of 3.94 million square feet.

The total capital value of the development upon completion is expected to be in the range of Rs 14,000-16,000 crore, positioning the project among the larger mixed-use developments in the region.

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