Signature Global (India) Ltd has agreed to form a 50:50 joint venture with RMZ to develop a mixed-use project comprising offices, hotels and retail on the Southern Peripheral Road in Gurugram. Under the agreement RMZ will acquire a 50 per cent equity stake in the project for up to Rs 12.83 billion (bn) through a combination of share purchase and share subscription. The transaction involves Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global, and Millennia Realtors Private Limited, an RMZ entity.

The parties have executed a Securities Subscription and Purchase Agreement under which RMZ will subscribe and purchase shares in GCL for aggregate consideration of up to Rs 12.83 bn. The development will have a floor space index of three point nine four million (mn) square feet and will deliver a mix of office buildings, hotels and retail spaces. The project marks Signature Global's first major foray into large-scale commercial real estate within its existing land portfolio.

Signature Global will contribute execution and construction capabilities along with local operational experience in the Delhi-NCR market while RMZ will provide design, leasing and asset management expertise for institutional-grade commercial assets. The joint venture is presented as a strategic milestone for portfolio diversification and long-term value creation for stakeholders. The total capital value of the development upon completion is expected to be in the range of Rs 140–160 billion (bn).

Company leadership characterised the partnership as an important step in broadening the development portfolio and noted that the Southern Peripheral Road has become a key hub for residential and commercial activity supported by improving infrastructure and connectivity. RMZ described the corridor as a preferred commercial corridor with strong occupier demand and long-term leasing potential. The project is positioned among the larger mixed-use developments in the region and is intended to be future-ready and best-in-class.