Signature Global (India) Ltd and RMZ have entered into an agreement to form a 50:50 joint venture to develop a mixed-use commercial project on the Southern Peripheral Road in Gurugram, comprising office buildings, hotels and retail spaces. Under the terms, RMZ will acquire a 50 per cent equity stake through an aggregate investment of Rs 12.83 billion (bn), with the transaction to be completed by a combination of share purchase and share subscription. The acquisition will be undertaken in Gurugram Commercity Limited, a wholly owned subsidiary of Signature Global.

The transaction is governed by a securities subscription and purchase agreement between Signature Global, Gurugram Commercity Limited and Millennia Realtors Private Limited, an RMZ entity. The project will have a floor space index of 3.94 million (mn) square feet, representing the first major commercial development of this scale within Signature Global's existing land portfolio. Millennia Realtors will act as the RMZ group counterparty in the joint venture.

The joint venture is intended to combine Signature Global's execution and construction capabilities and its operational knowledge of the Delhi-NCR market with RMZ's expertise in designing, leasing and managing institutional-grade commercial and mixed-use assets. The partners expect the collaboration to enable efficient delivery and long-term asset stewardship and to attract occupiers seeking modern commercial space along the Southern Peripheral Road corridor.

The total capital value of the development upon completion is expected to be in the range of Rs 140–160 billion (bn), placing the scheme among the larger mixed-use developments in the region. Company executives described the partnership as a strategic milestone in portfolio diversification that aims to create long-term value for occupiers and investors through best-in-class development and asset management.