New Delhi: Realty firm Signature Global will invest about Rs 950 crore to develop 5,000 low-cost homes in Gurgaon under the Haryana government’s affordable housing policy.
The company has completed allotment of 5,005 housing units in five projects through draw of lots of applicants.
Signature Global, one of the key stakeholders of financial investment firm SMC Group, had in May raised Rs 150 crore from ICICI Prudential’s real estate fund for development of five ongoing and future affordable housing projects.
The company has started construction in its three projects and will soon start the work in the fourth project.
“The total cost to develop these five projects will be about Rs 950 crore,” Signature Global chairman and co-founder Pradeep Aggarwal said.
“Government has given deadline of 4 years to complete a project but we expect to deliver in 3 years,” he said, adding that the company is using innovative techniques like mivan shuttering, fly ash bricks and RMC (ready-mix-concrete) plant for fast construction. The first project will be delivered by end of the next year.
Mr Aggarwal said the company is exploring opportunities for affordable housing projects in Maharashtra, Gujarat and Uttar Pradesh besides Haryana.
The company is looking to add 7-8 new projects this fiscal year.
Mr Aggarwal said that although the margins are less in affordable housing projects, the sales volumes are higher.
Signature Global Group’s promoters were into the stock market and the financial services sector.