Signature Global to invest Rs 400 cr in 2 housing projects in Gurugram

Realty firm Signature Global on Sunday said the company will invest Rs 400 crore to develop two affordable housing projects in Gurugram under a Haryana government scheme.

The Centre has reduced GST on affordable housing to 1 per cent only and is providing an additional deduction of 1.5 lakh on interest paid on home loans under Income Tax law for flats priced up to Rs 45 lakh, as part of its efforts to boost property demand.

Delhi-based Signature Global is mainly into development of affordable housing and has launched 12 such projects, comprising over 11,000 units, so far, under the Haryana Affordable Housing Policy. Two projects having 1,800 units have been handed over to buyers.

The company in a statement said that it has started two new projects 'Aspire' and ' Prime', which have in total about 1,450 units.

"Together, they would entail an investment of Rs 400 crore Rs 200 crore on each of these projects," the company said, adding that flats will be sold in a price range of Rs 22-26 lakh.

Under this policy, the applications are invited from prospective buyers and then units allotted through draw system.

"We are dedicated towards delivering affordable houses and want as many projects as possible with focus on timely delivery and maintaining the quality at the same time," said Pradeep Aggarwal, founder and chairman of Signature Global.

Apart from projects under the Haryana Affordable Housing policy, the company has launched three projects under Deen Dayal Jan Awas Yojna at Karnal and Sohna, Gurugram. It has also entered into commercial real estate and is developing a shopping mall in Ghaziabad, Uttar Pradesh.

Earlier, Signature Global had raised Rs 200 crore fund from private equity player KKR and Rs 150 crore from ICICI Prudential to fund its projects. It has also raised funds from HDFC.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel