New Delhi: Realty firm Signature Global has formed an equal joint venture with RMZ Group to develop a mixed-use project in Gurugram, with the Bengaluru-based firm investing Rs 1,283 crore. In a regulatory filing, Signature Global said it has 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, Signature Global and RMZ will form a 50:50 joint venture. RMZ has committed an investment of Rs 1,283 crore to acquire a 50 per cent equity stake in the project, the filing said. As part of the transaction, Gurugram Commercity Ltd (GCL), a wholly-owned subsidiary of Signature Global, and Millennia Realtors, an RMZ entity, have entered into a Securities Subscription and Purchase Agreement (SSPA).
Under the SSPA, RMZ will acquire a 50 per cent equity stake in GCL through a combination of share purchase and share subscription, for an aggregate consideration of up to Rs 1,283 crore. 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 total capital value of the development upon completion is expected to be in the range of Rs 14,000-16,000 crore, the filing said. Signature Global is one of the leading real estate developers in the country. Bengaluru-based RMZ Group is mainly into commercial real estate.
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