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Signature Global enters UP with a mall affordable housing project in the pipeline

 

In a chat with R&M, Chairman Aggarwal exudes confidence
Making an entry into UP with a retail mall in Vaishali, Ghaziabad, real estate firm Signature Global has more projects in the pipeline for the state. Pradeep Aggarwal Co-founder & Chairman of Signature Global, told Realty & More in an exclusive chat that in another four months, the company will launch a residential project under PMAY in Raj Nagar Extension. Proud of his track record of completing projects before time, Aggarwal is confident that this 2,000-unit affordable project will also be ready within three to four years. Sharing the unique features of the upcoming mall, Aggarwal told R&M that it has been built with a new concept, multiplex has deliberately been left out and instead an 80-room hotel included. Expressing happiness with the initial response, the Signature Global chief counted prime location and RERA compliance also among the USPs of this mall. Thriving on the reputation of his company for timely delivery, Aggarwal is happy with the initial response to the mall and has no doubt that the proposed housing project will also evoke good response from the customers.

Realty & More: You have recently launched your first project in Uttar Pradesh. How is the initial response?

Pradeep Aggarwal: Whenever you launch a new project, people have huge hopes on you, which we felt, are there. People who want rental yield, those who want a new office or shop, their primary requirement is timely delivery. And if you have been fulfilling this, you are bound to get good response. And this is true for any location. Location also matters, and our mall is coming up at a prime location. So, the response has been very good till now.

R&M: What is the USP of this mall?

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PA: This is the first time in that region that a mall is coming up with an entirely different concept. Usually when we talk about a mall, the image that comes into our mind is lots of shops and a food court in the fourth or fifth floor. But we have changed this concept. The entire mall would be a fun zone. You will experience fine dining from where you enter the mall till the top floor. Also the mall would have a 80-room hotel managed by Clarke Premiere. A portion of the food court will be run by Food Quest, which has lots of food brands with it. On every floor of this mall, you will get something unique which becomes its USP. Secondly this is the first mall in that area which is launched in the RERA regime. So, being RERA-complaint is also a USP for the mall.

R&M: Why a multiplex is missing in this mall?

PA: There is a mall adjacent to where our mall is coming up, which has a multiplex. We had the choice of incorporating a multiplex or a hotel. We came to know that there is venue requirement for corporate meetings, events, seminars, etc. And there is a requirement of budget hotel. The mid-sized corporates cannot afford 5-star hotel for their employees and guests. For them, the requirement is a budget hotel.  So we decided to build a hotel and a banquet hall, rather than making a multiplex.

R&M: Apart from this mall, any other plans in Ghaziabad?

PA: Yes! The launch of this mall is our entry in UP. But we have more in store. By December this year, we will launch a residential project in Raj Nagar Extension, which will have around 2000 units. The project will be under the Pradhan Mantri Awas Yojna (PMAY).

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R&M: What will be the price range and unit sizes in this project?

PA: The ticket size would be from Rs 18 lakh to Rs 25 lakh. Also, the location is such that with 500-700 metre radius there is nothing available below Rs 35-40 lakh. So we are hoping the response there would be very good. In fact Rs 18 to 25 lakh requirement has never been catered to in that region. Below Rs 35 lakh houses are hardly available in that area. We will try our best to keep the price range between Rs 18 lakh and Rs 25 lakh. The carpet area of these flats will be approximately between 500 and 645 sq ft.

  • People who want rental yield, those who want a new office or shop, their primary requirement is timely delivery. And if you have been fulfilling this, you are bound to get good response.
  • Usually when we talk about a mall, the image that comes into our mind is lots of shops and a food court in the fourth or fifth floor. But we have changed this concept. The entire mall would be a fun zone.
  • We had the choice of incorporating a multiplex or a hotel. We came to know that there is venue requirement for corporate meetings, events, seminars, etc. And there is a requirement of budget hotel.
  • The ticket size (of units in residential project) would be from Rs 18 lakh to Rs 25 lakh. Also, the location is such that with 500-700 metre radius there is nothing available below Rs 35-40 lakh. So we are hoping the response there would be very good.
  • The Haryana Government gave us four years’ time to complete the affordable housing project. We completed it six to eight months before time. Here also, the state Government will be giving us four to five years’ time, and we expect to complete the project in three to four years.

R&M: In how many months will you be completing this project?

PA: See, we have a track record of completing before time. The Haryana Government gave us four years’ time to complete the affordable housing project. We completed it six to eight months before time. Here also, the state Government will be giving us four to five years’ time, and we expect to complete the project in three to four years.

R&M: How would the allotment be done?

PA:  The same way as we have done earlier in Haryana. The allotments would be done through lottery system. Sealed envelopes draw would happen in front of UP Government officials.

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