Signature Global (India) Ltd. and RMZ have agreed to form a 50:50 joint venture to develop a mixed-use commercial project on the Southern Peripheral Road in Gurugram.

RMZ will acquire a 50 per cent equity stake in Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global, through share purchase and subscription for an aggregate consideration of up to Rs 12,830 mn.

The development will comprise office buildings, hotels and retail spaces and will have a Floor Space Index (FSI) of three point nine four mn square feet. This project marks Signature Global's first major commercial development within its existing land portfolio and represents a strategic step in portfolio diversification.

Signature Global (India) Ltd. will provide execution and construction capabilities along with operational knowledge of the Delhi-NCR market, while RMZ will contribute experience in designing, leasing and managing large commercial and mixed-use developments. Company leadership characterised the agreement as a milestone that leverages complementary strengths and expertise to deliver a future-ready development. The joint venture aims to support long-term leasing potential and sustained value for occupiers and investors. The Southern Peripheral Road was described as an emerging commercial corridor supported by improving infrastructure and occupier demand.

The transaction, implemented through GCL and Millennia Realtors Private Limited, will see RMZ acquire the stake by way of share purchase and share subscription under the SSPA. The partners indicated that the project will position itself among the larger mixed-use developments in the region and will seek to deliver high-quality assets to stakeholders. Signature Global will oversee development execution while RMZ will lead leasing and asset management efforts. Completion timelines and leasing targets were not disclosed.