Real Estate Transactions
RMZ to acquire 51% stake in Signature Global’s commercial project in Gurugram for Rs.1,283-Cr
Bengaluru-based RMZ, via its entity Millennia Realtors, is to invest INR 1,283 crore for a 51% stake in a commercial project, Gurugram Commercity Ltd (GCL), a wholly owned unit of NCR-based Signature Global in Gurugram.The two companies plan to jointly infuse nearly INR 5,000 crore into this Gurugram project, which has a development potential of 5.5 million sq ft of commercial space. Signature Global will develop the remaining 2 million sq ft of residential space.The GCL platform is expected to acquire additional projects in Delhi and Noida. The total capital value of the development upon completion is projected to be in the range of INR 14,000-16,000 crore.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
