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Signature Global, RMZ Forge Mega Gurugram Commercial Deal
14 Feb
Summary
- Signature Global and RMZ Group form 50:50 JV for Gurugram commercial project.
- Total investment for the 18-acre project is approximately ₹7,500 crore.
- The development will feature 55 lakh sq ft of leasable area, including office and retail space.
Signature Global and RMZ Group have partnered in a 50:50 joint venture to develop a substantial commercial project in Gurugram. This collaboration marks Signature Global's significant entry into large-scale commercial real estate development, leveraging RMZ Group's expertise.
The project, situated on an 18-acre land parcel at Southern Peripheral Road, is slated for a total investment of approximately ₹7,500 crore. It is expected to yield 55 lakh square feet of leasable space.
This leasable area will comprise about 35 lakh square feet of prime office space, alongside retail areas and two hotels, each with around 500 rooms. RMZ Group has committed ₹1,283 crore for a 50 percent equity stake.
RMZ Group expressed interest in extending this partnership nationwide, citing strong demand for Indian office spaces, particularly driven by Global Capability Centres. They anticipate minimal impact from work-from-home trends or artificial intelligence on the job market.
This development aligns with RMZ's strategy of creating institutional-grade commercial assets. The Southern Peripheral Road corridor is recognized for its improving infrastructure and strong occupier demand, making it an attractive location for such ventures.
