Signature Global (India) Ltd has signed an agreement to form a joint venture with RMZ to develop a mixed-use commercial project on the Southern Peripheral Road in Gurugram. The partners will hold a 50:50 joint venture, with RMZ committing an investment of Rs 12,830 million (mn) to acquire a 50 per cent equity stake in the project through acquisition and subscription in the subsidiary. The transaction was executed through a securities subscription and purchase agreement between the parties and the wholly owned subsidiary, Gurugram Commercity Limited.

Under the agreement, RMZ will acquire its stake through a combination of share purchase and share subscription for an aggregate consideration of up to Rs 12,830 million (mn), and the project will be developed on land within Signature Global’s existing portfolio. The development will comprise office buildings, hotels and retail spaces and will have a floor space index of three point nine four million (mn) square feet. The joint venture is positioned as the company’s first major foray into large-scale commercial real estate development within its land holdings.

The total capital value of the development upon completion is expected to be in the range of Rs 140,000–160,000 mn, placing the scheme among the larger mixed-use developments in the region. The project is sited on a corridor that has been identified as a growing commercial hub supported by improving infrastructure and occupier demand. The partners have positioned the scheme as institutional-grade commercial real estate with long-term leasing potential for occupiers and investors.

Signature Global will contribute execution and construction capabilities along with operational knowledge of the Delhi-NCR market while RMZ will bring experience in designing, leasing and managing large commercial and mixed-use developments. Company statements described the partnership as a strategically significant milestone in portfolio diversification and as delivering long-term value to customers and stakeholders. RMZ’s supervisory board indicated that the collaboration aligns with its focus on developing institutional-grade assets with sustained leasing appeal.