Bengaluru-based RMZ has agreed to invest Rs 1,283 crore for a 50% stake in a commercial project of NCR-based Signature Global in Gurugram.
The two companies plan to infuse a total nearly Rs 5,000 crore into the project with a development potential of 5.5 million sq ft. RMZ and Signature Global aim to jointly create a portfolio of 15-20 million sq ft over the next five years.
“We had acquired this 25-acre land in 2024, and since it had a major component of commercial, we wanted to do it with a company who has expertise in commercial leasing,” said Pradeep Aggarwal, founder and chairman, Signature Global. “Of the total 7.5 million sq ft, 5.5 million sq ft is commercial and for which we have partnered with RMZ. Balance 2 million sq ft of residential will be developed by Signature Global.”
As part of the transaction, Gurugram Commercity Ltd (GCL), a wholly owned unit of Signature Global, and Millennia Realtors—a RMZ entity—inked a securities subscription and purchase agreement (SSPA). RMZ will buy a 50% stake in GCL through a mix of share purchase and share subscription for up to Rs 1,283 crore.
“We intend to grow the GCL platform and take it to 15-20 million sq ft in the next few years,” said Manoj Menda, corporate chairman, supervisory board, RMZ. “The location of the project will attract corporate occupiers around the world.”
The total capital value of the development upon completion is expected to be in the range of Rs 14,000–16,000 crore. The GCL platform will acquire projects in Delhi and Noida as well.
“There will be a lot of opportunities in Delhi due to the transit oriented development policy and Noida too is growing with the airport becoming operational,” said Aggarwal. “We are now open to acquiring assets with scope of commercial development.”
Signature Global has delivered 16.5 million sq ft in the first nine months of this fiscal year. The development pipeline includes 21 million sq ft of recently launched projects, 20.7 million sq ft of forthcoming developments, and 13.8 million sq ft of ongoing construction, comprising projects under active construction as well as those that have received occupancy certificates.
RMZ has developed and owns over 70 million sq ft of realty assets across six major Indian cities, with assets in excess of $20 billion.
Source: Economic Times