Signature Global (India) Ltd and RMZ have formed a 50:50 joint venture to develop a large mixed-use project on the Southern Peripheral Road in Gurugram. The partnership will develop office buildings, hotels and retail spaces on land held by Signature Global, marking a major step in the developer's expansion into institutional grade commercial assets. The deal was announced in New Delhi and involves a wholly owned subsidiary of Signature Global as the project vehicle. Under the transaction, RMZ will acquire a 50 per cent equity stake in Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global, through a combination of share purchase and share subscription under a securities subscription and purchase agreement. RMZ will invest Rs 12,830 mn to fund the acquisition. The joint venture will be held on a 50:50 basis and will bring together capital and development resources to take the project forward. Project documentation indicates a Floor Space Index (FSI) of three point nine four million square feet (mn sq ft) for the development, which will provide substantial leasable area for offices, hospitality and retail formats. Signature Global will contribute execution and construction capabilities and local operational knowledge of the Delhi-NCR market while RMZ will provide expertise in designing, leasing and managing large commercial and mixed-use developments. The partnership aims to deliver a future ready commercial destination. The total capital value of the development on completion is estimated at Rs 140,000–160,000 mn, placing the project among the region's larger mixed-use schemes. Company statements indicated that the Southern Peripheral Road has emerged as a key corridor for both residential and commercial growth with improving infrastructure and occupier demand. Both partners expect the project to create long term value for occupiers and investors and to strengthen Signature Global's portfolio diversification into large scale commercial real estate.