Signature Global, RMZ set up 50:50 JV for mixed-use project in Gurugram

Real estate company Signature Global (India) Ltd. said it has entered into a 50:50 joint venture with RMZ, an integrated alternative assets platform for the development of a mixed-use project on Southern Peripheral Road (SPR), Gurugram. As per the agreement RMZ will invest ₹1,283 crore in the project, which will comprise over 5 million sq. ft. of office, hospitality and retail development. The total capital value of the development upon completion is expected to be in the range of ₹14,000–₹17,000 crore, the companies said in a joint statement. As part of the transaction, RMZ, through its group entity Millennia Realtors Private Ltd., will acquire a 50% stake in Gurugram Commercity Ltd (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 proposed mixed-use development marks Signature Global’s first major foray into large-scale commercial real estate development within its existing land portfolio, indicating its strategy of portfolio diversification. 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.” Manoj Menda, Corporate Chairman, Supervisory Board, RMZ said, “This project aligns well with our focus on developing institutional-grade design districts, i.e. integrated environments that bring together premium workplaces, hospitality and curated retail within a cohesive urban framework.