KKR INVESTS ₹200 CRORES IN SIGNATURE GLOBAL’S AFFORDABLE HOUSING
Delhi: Leading financial investor KKR has committed to invest ₹200 Crore in the National Capital Region based affordable housing player Signature Global India Private Limited. The company has alongside launched two more affordable housing projects in Gurugram primarily ‘The Millenia’ in Sector – 37D and Solera 2, in Sector 107. The projects would also be coming up under the Haryana Affordable Housing Policy like their earlier projects. The company also plans to deliver the first phase of the project Solera, launched in 2015 under the same policy and awarded a 5 star rating from CARE Rating, by the early 2018. This will be the first delivery of any Haryana affordable housing policy project across Haryana .
On this occasion, Pradeep Aggarwal, Co – founder & Chairman, Signature Global said, “It is very exciting and encouraging at the same time to partner with a leading financial investor like KKR and we wish to take forward this partnership in a long way. We are currently developing approx 7,400 affordable homes out of which we have already allotted 5005 units and 2400 would be allotted soon. We wish to develop over 1,00,000 affordable homes till 2022 . The current launch of over 1900 units is a step in the same direction and would come up at a total cost of ₹500 Crores.”
Apart from the recent accrual of ₹200 Crores, Signature Global had also raised ₹150 Crores from ICICI Prudential in May last year. To boost rural and urban housing , post demonetisation, the Prime Minister had announced interest subsidy of up to 3, 4 & 6.5 per cent on loans taken under the Pradhan Mantri Awaas Yojana. The amount raised through this recent funding would be used towards the development of its affordable housing projects.
Speaking further on the group’s expansion plans, Ravi Aggarwal, Co – founder & Managing Director, Signature Global Group said, “Signature Global has the vision of Har Parivar Ek Ghar and working with that vision, they wish to be one of the leading contributor towards the PM’s vision of Housing for All and that is the reason we would be soon expanding to other cities like Karnal, Ghaziabad and further to multiple cities in Uttar Pradesh and Maharashtra. Lalit Aggarwal , Co – founder & Joint Managing director added we are also exploring opportunities for Joint Development Agreement across the country in affordable housing segment. Talks are already in the closing stages of a JDA in Mumbai for affordable housing. We are looking at launching another 20,000 affordable housing units by the end of this financial year wherein our focus will remain the same of providing quality housing for first time home buyers.”
KPMG India Private Limited and Yes Securities Ltd., a wholly owned subsidiary of YES Bank Ltd. acted as financial advisors to the transaction.