Signature Global plans to launch 21 million sq ft projects
Signature Global, an NCR-based real estate developer, plans to launch 21 million square feet of projects in the next three-five years, primarily in the mid-income housing sector as it looks to reduce debt, said founder and chairman Pradeep Aggarwal.
The company, supported by IFC and HDFC Capital Advisors, intends to generate as much as Rs 730 crore through its upcoming initial public offering, scheduled to launch on September 20.
Originally established as an affordable housing-focused firm in 2014, Signature Global has transitioned toward mid-income housing due to rising costs of raw materials and land.
«We believe the real estate sector is currently thriving, and this presents the ideal opportunity to enter the market.
The share of organised developers is steadily growing, and in our specific segment, we aspire to become the leaders,» stated Aggarwal.
As of March 31, the company had reported a debt of Rs 1,100 crore, and a significant portion of the funds raised through the IPO will be allocated toward debt reduction.
Signature Global has already successfully delivered 6 million square feet of projects, with an additional 17 million square feet currently under construction.
