SignatureGlobal India today inked an agreement to form a joint
venture with RMZ, 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 Rs 1,283 crore to acquire a 50% equity stake in the project.
As part of the transaction, the Company, Gurugram Commercity (GCL), a wholly owned subsidiary of SignatureGlobal, and Millennia Realtors , 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 Rs 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 total capital value of the development upon completion is expected to be in the range of Rs 14,000–16,000 crore, positioning the project among the larger mixed-use developments in the region.