New Delhi: Signature Global (India) Ltd. (BSE: 543990 | NSE: SIGNATURE), one of India’s leading real estate development companies, inked an agreement to form a joint venture with RMZ on Saturday, a leading developer and asset manager of commercial real estate in India, to develop a mixed-use project comprising office buildings, hotels, and retail spaces on the Southern Peripheral Road (SPR) in Gurugram.
Under the agreement, Signature Global and RMZ will form a 50:50 joint venture, with RMZ committing an investment of INR 1,283 crore to acquire a 50% equity stake in the project.
As part of the transaction, the Company, Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global, and Millennia Realtors Private Limited, an RMZ entity, have entered into a Securities Subscription and Purchase Agreement (SSPA). Under the SSPA, RMZ will acquire a 50% equity stake in GCL through a combination of share purchase and share subscription, for an aggregate consideration of up to INR 1,283 crore.
Located on the Southern Peripheral Road, the project will have a Floor Space Index (FSI) of 3.94 million square feet.
The proposed mixed-use development marks Signature Global’s first major foray into large-scale commercial real estate development within its existing land portfolio, underscoring a strategically significant milestone in its portfolio diversification.
The joint venture brings together the strengths of both partners, with Signature Global contributing strong execution and construction capabilities along with deep operational knowledge of the Delhi NCR market, while RMZ brings its experience in designing, leasing, and managing large commercial and mixed-use developments.
The total capital value of the development upon completion is expected to be in the range of INR 14,000–16,000 crore, positioning the project among the larger mixed-use developments in the region.
Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd., said “Today marks an important milestone in Signature Global’s growth journey as we broaden our development portfolio with a large-scale mixed-use project. The Southern Peripheral Road has steadily emerged as a key hub for both residential and commercial development, supported by strong infrastructure and connectivity. This partnership with RMZ brings together complementary
strengths and deep domain expertise, enabling us to deliver a high-quality, future-ready development. As our first major commercial development of this scale, the project reflects our commitment to creating long-term value and bringing best-in-class developments to our customers and stakeholders.”
Manoj Menda, Corporate Chairman, Supervisory Board, RMZ said, “We are pleased to partner with Signature Global on this significant mixed-use commercial development in Gurugram. The Southern Peripheral Road is rapidly emerging as a preferred commercial corridor, supported by strong occupier demand and improving infrastructure.
This project aligns well with RMZ’s focus on developing institutional-grade commercial assets with long-term leasing potential. Signature Global’s execution capabilities and deep understanding of the Delhi-NCR market make them an ideal partner. Together, we aim to create a high-quality, future-ready commercial destination that delivers sustained value for occupiers and investors.”
