Realty firm Signature Global has bought 14.65 acres of land in Gurugram for around Rs 350 crore to develop a housing project as part of its expansion plan.

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In a statement, the company said it has acquired 14.65 acres of land in Sector 37D near Dwarka Expressway, Gurugram.

However, it did not disclose the deal value and the name of the seller.

Sources said the deal value could be around Rs 350 crore.

Signature Global plans to develop a residential project comprising 27 lakh square feet area.

Pradeep Kumar Aggarwal, Chairman of Signature Global, said, "Dwarka Expressway has swiftly become a premier destination for homebuyers seeking luxury residences. 

In recent years, numerous high-end residential projects have been launched in this area, with many more expected in the near future." 

He expects the demand for residential housing in this region to remain strong.

"We aim to launch a residential project on this land in 2025-26, reinforcing our presence in the luxury housing market," Aggarwal said.

Signature Global Ltd has set a target to sell Rs 10,000 crore worth housing properties in 2024-25, up 38 % from the last fiscal.The company's sales bookings more than doubled to Rs 7,268 crore in 2023-24 from Rs 3,430 crore in the preceding year.

The company, which is mainly developing projects at Gurugram in Haryana, sold 4,619 units last fiscal as against 4,512 units in 2022-23.In terms of area, Signature Global sold 6.18 million square feet in 2023-24, up from 4.35 million square feet in the preceding year. 

Sales realization for the 2023-24 averaged Rs 11,762 per square feet compared to Rs 7,886 per square feet in the previous fiscal.

"The financial year 2023-24 marked a significant period for our company, characterized by several achievements, including a successful IPO, expansion into the premium segment, and a notable transition to mid-income housing from affordable housing," Aggarwal said.

Signature Global reported a more than five-fold jump in its consolidated net profit to Rs 41.21 crore for the quarter ended March, driven by higher income.

Its net profit stood at Rs 7.60 crore in the year-ago period.

Total income increased to Rs 722.73 crore in the fourth quarter of last fiscal year from Rs 709.86 crore in the corresponding period of the preceding year, according to a regulatory filing.

During the entire 2023-24 fiscal, the company posted a net profit of Rs 16.18 crore as against a net loss of 63.86 crore in the preceding year.However, total income decreased to Rs 1,324.55 crore in the last fiscal from Rs 1,585.87 crore in the 2022-23 fiscal.

Signature Global is one of the leading real estate firms in the Delhi-NCR region.

It currently has a portfolio of 48.6 million square feet with 16.4 million square feet ongoing and 29.3 million square feet forthcoming.

In September last year, Signature Global successfully launched its IPO (initial public offering) to raise Rs 730 crore.

The public issue, comprising a fresh issue of shares worth Rs 603 crore and an Offer for Sale (OFS) of Rs 127 crore, was subscribed 11.88 times.