Signature Global–RMZ JV to build offices, hotel and retail on Gurugram’s SPR

Signature Global partners with RMZ Group to develop mixed use project in Gurugram

Gurugram-based real estate developer, Signature Global on February 14 inked an agreement to form a joint venture with Bengaluru-based RMZ Group to develop a mixed-use project comprising office buildings, hotels, and retail spaces on the Southern Peripheral Road (SPR) in Gurugram, Signature Global said.

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 percent equity stake in the project.

As part of the transaction, Gurugram Commercity Ltd (GCL), a wholly owned subsidiary of Signature Global, and Millennia Realtors, an RMZ entity, have entered into a Securities Subscription and Purchase Agreement (SSPA).

The project will have a total development potential of 5.5 million square feet spread across 17–18-acre land parcel on SPR. The total capital value of the development upon completion is expected to be in the range of Rs 14,000–16,000 crore.

The proposed mixed-use development marks Signature Global's first major foray into large-scale commercial real estate development within its existing land portfolio, underscoring a strategically significant milestone in its portfolio diversification.

Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd., said that the SPR has steadily emerged as a key hub for both residential and commercial development, supported by strong infrastructure and connectivity.

"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," he said.

Bengaluru-based RMZ Group is mainly into commercial real estate.

Manoj Menda, Corporate Chairman, Supervisory Board, RMZ said 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," he said.

Aggarwal further said that out of the 5.5 msf marked for commercial development, around 3-3.5 msf will be for Grade-A office spaces and remaining will have retail spaces in form of a design district and a hotel.

The company said that total investment in the project is expected to oscillate between Rs 4,500-5,000 crore excluding the land cost.

Branded Residences

Aggarwal added that apart from the above 5.5 msf mixed-use development, Signature Global plans to develop branded residences on a land parcel measuring 7-8-acres adjacent to hotel project.

"We plan to do branded residences with the hotel chain we would be partnering with for running the hotel in our upcoming commercial project," he said.

He said that the company is yet to finalise the hotel brand for their hotel and branded residence project.