NEW DELHI: Signature Global (India) have formed a joint venture with RMZ to develop a mixed-use project comprising office buildings, hotels, and retail spaces on the Southern Peripheral Road (SPR) in Gurugram.
Under the agreement, both the company will form a 50:50 joint venture, with RMZ committing an investment of ₹1,283 crore towards the project.
Pradeep Aggarwal, founder & chairman, Signature Global (India), said, “The Southern Peripheral Road has steadily emerged as a key hub for both residential and commercial development, supported by strong infrastructure and connectivity.”
As part of the transaction, RMZ, through its group entity Millennia Realtors, will acquire a 50% stake in Gurugram Commercity (GCL), a wholly owned subsidiary of Signature Global, through a combination of share purchase and share subscription, formalising the 50:50 joint venture for development of the project.
The project will have a leasable/ saleable area of over five million sq ft. The proposed mixed-use development marks Signature Global’s first foray into large-scale commercial real estate development within its existing land portfolio.
The total capital value of the development upon completion is expected to be in the range of ₹14,000–17,000 crore.
