New Delhi: Realty firm Signature Global, which is into affordable housing, today said it will invest Rs 100 crore to develop its first shopping mall at Ghaziabad in Uttar Pradesh (UP).
In this mall, the Delhi-based company is also developing 80-rooms serviced apartments/suites to be managed by hospitality firm Clarks Premier.
The total saleable area is 1 lakh sq ft in this shopping mall, which is expected to be operational by the end of the next year. This is the first project of the company in UP. Signature Global is coming up with its maiden retail venture 'Signature Global Mall' at Vaishali, Ghaziabad with a total investment of Rs 100 crore, the company said in a statement.
The investment would comprise of land and construction cost which will be met by internal accruals, it added.
The company in the last year had raised Rs 200 crore fund from private equity player KKR. The Delhi-based firm had raised Rs 150 crore from ICICI Prudential in 2016.
"Location being the key to the successful investment, Signature Global Mall is opening at the very close vicinity to the residential areas of Vaishali and other parts of NCR," said Pradeep Aggarwal, co-founder and chairman of Signature Global.
The company has launched 9 affordable housing projects, comprising about 9,400 units in Rs 15-25 lakh price range, in Gurugram, in the last three years of its operations. All projects are under the Haryana Affordable Housing scheme. It has also started one housing project at Karnal in Haryana comprising of the 350 units. In these 10 projects, the company is constructing 2.5 lakh sq ft of commercial area as per the rules.
On execution, Signature Global said it would deliver about 2,800 units in this fiscal. The company said it targets to build 1 lakh affordable homes in Haryana, UP, Rajasthan and Maharashtra by 2022.
With affordable housing segment getting infrastructure status in the last year's Budget, the real estate developers are focusing on low cost homes. The government is also providing an interest subsidy on loans for affordable housing, besides levying lower GST of 8 per cent. PTI