Signature Global stock rose 6% after the company sold over ₹2,700 crore worth of premium flats.

Signature Global, one of the country's leading real estate development companies, saw its shares rise 6 percent in the early trading session today. 1,469 each after the company on Sunday announced the launch and successful sale of its premium residential project in Gurugram.

The company said the project has received overwhelming response with expressions of interest more than doubling the number of apartments sold. Since the expression of interest, the ongoing allotment process has achieved significant sales of overs. 2700 crore so far.

The company expects the overall sales figures to increase significantly after the allotment is finalised, setting a new benchmark in the premium housing segment of the region.

It is a two-phase project with a total salable area of ​​3.7 million square feet. The first phase comprises 2.1 million square feet and the remaining 1.5 million square feet. The company expects to start the second phase soon. The project is part of a parcel of land with a salable potential of 17 million square feet in Sector 71 of Launch, Gurugram.

According to the company, the entire process from Expression of Interest (EOI) to allotment, booking and payment was done digitally and ensured utmost transparency and reliability under the supervision of renowned Boston Consulting Group (BCG).

Spread over 14.382 acres, the company said the project comprises 608 uber-premium 3.5 BHK (3 to one core) and exclusive 4.5 BHK (2 to one core) condominiums, with 26 feet and 28 feet long decks respectively. . With a triple height entrance lobby and 7 lagoon pools designed by renowned international architects, such as DPC from Singapore, MPFP from USA, Confluence, NMP Design, Senelac Consultants, and Vintech Consultants.

The demand for luxury apartments in India is increasing significantly, due to the increase in disposable income across the population. As individuals acquire greater wealth, they increasingly seek high-end residences that go beyond the standard offerings in the housing market.

This trend is particularly prominent in major metropolitan areas such as Mumbai, Delhi and Bangalore, where the affluent are willing to pay a premium for luxury living spaces.

Additionally, changes in lifestyle preferences are increasing the demand for luxury flats. With increasing globalization, Indian consumers are exposed to global living standards and aspire to adopt a modern, cosmopolitan lifestyle. This includes a preference for residences equipped with high-end amenities for recreation, wellness and relaxation, seamlessly integrated into their living environment.

Consequently, there is an increasing inclination towards homes that provide superior comfort, convenience and luxury to meet the evolving lifestyle expectations.

The company's shares debuted on the secondary market in September 2023, rising 19.1 percent. 458.6 per piece, beating the issue price of Rs. 385 per share at the current market price, the stock is trading 276% higher than its issue price.

Disclaimer: The opinions and recommendations expressed in this article are those of individual analysts. These do not represent the views of the mint. We advise investors to consult certified experts before making any investment decision.

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