Delhi NCR-based real estate firm Signature Global has inked an agreement to form a joint venture with Bengaluru’s 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.
According to Pradeep Aggarwal, Founder & Chairman, Signature Global (India), the mixed-use commercial property will be developed on 55 lakh square feet area in equal partnership with RMZ. The total investment, including land cost, for this project would be roughly Rs 7,500 crore. 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. Additionally, Singnature would develop branded residential units adjacent to the commercial property.
As part of the transaction, the company, Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global, and Millennia Realtors Private Limited, 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. This amount is likely to help Signature Global become a zero-net-debt company in FY26.
Aggarwal stated that this is just a start and there is scope for them to add 15-20 million sqft of commercial property in the next 4-5 years. The upcoming project, Signature Global’s first major foray into large-scale commercial real estate development, is expected to commence in 6 months and will take 4–5 years to complete the construction.
“This partnership with RMZ brings together complementary strengths and deep domain expertise, enabling us to deliver a high-quality, future-ready development. As our first major commercial development of this scale, the project reflects our commitment to creating long-term value and bringing best-in-class developments to our customers and stakeholders,” said Pradeep Aggarwal, Founder & Chairman, Signature Global (India).
Manoj Menda, Corporate Chairman, Supervisory Board, RMZ said that this project aligns well with RMZ’s focus on developing institutional-grade commercial assets with long-term leasing potential “Signature Global’s execution capabilities and deep understanding of the Delhi-NCR market make them an ideal partner. Together, we aim to create a high-quality, future-ready commercial destination that delivers sustained value for occupiers and investors,” added Menda.