Signature Global, one of the country's leading real estate development companies, saw its shares jump 6% in today's early trading session, reaching ₹1,469 apiece after the company on Sunday announced the launch and sales success of its premium residential project in Gurugram.
The company said that the project has achieved an overwhelming response with expressions of interest of more than twice the number of apartments to be sold. Since the expression of interest, the ongoing allotment process has achieved remarkable sales of over ₹2700 crore till now.
The company expects the total sales figure to increase significantly after the finalization of the allotment, setting a new benchmark in the region's premium housing segment.
This is a two-phase project with a total sales potential area of 3.7 million sq. ft. The first phase comprises 2.1 million sq. ft. and the remaining 1.5 million sq. ft. The company is expecting to launch the second phase soon. This project launch is part of land parcels with a sales potential of 17 million sq. ft. in Sector 71, Gurugram.
According to the company, the entire process, from expression of interest (EOI) to allotment, booking, and payment, was conducted digitally and overseen by the renowned Boston Consulting Group (BCG), ensuring utmost transparency and reliability.
Spanning across 14.382 acres, the company said this project comprises 608 uber-premium 3.5 BHK (3 to a core) and exclusive 4.5 BHK (2 to a core) condominiums, with 26-feet and 28-feet-long decks, respectively, along with a triple-height entrance lobby and 7 lagoon pools designed by renowned international architects, such as DPC from Singapore, MPFP from the USA, Confluence, NMP Design, Senelac Consultants, and Vintech Consultants.
The demand for luxury apartments in India is experiencing a significant upswing, driven by rising disposable incomes across the population. As individuals achieve greater wealth, they increasingly seek out high-end residences that go beyond the standard offerings in the housing market.
This trend is especially noticeable in major metropolitan areas such as Mumbai, Delhi, and Bangalore, where affluent segments are willing to pay premiums for luxurious living spaces.
Furthermore, changes in lifestyle preferences are contributing to the heightened demand for luxury flats. With increasing globalization, Indian consumers are exposed to global standards of living and aspire to adopt modern, cosmopolitan lifestyles. This includes a preference for residences equipped with top-tier amenities for entertainment, fitness, and relaxation, seamlessly integrated into their living environments.
As a result, there is a growing inclination towards homes that provide superior comfort, convenience, and luxury to cater to evolving lifestyle expectations.
The company's shares debuted on the secondary market in September 2023, with a listing gain of 19.1% at ₹458.6 apiece, surpassing the issue price of ₹385 apiece. As of the current market price, the stock is trading 276% higher than its issue price.
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