Signature Global, a real estate developer, has announced the awarding of construction contracts, valued at Rs56.7bn ($65.3m), for its 'Daxin Vistas' housing project located in Sohna, Gurugram, India.

The contracts have been distributed between two construction companies, with B L Gupta Construction securing the majority, reported PTI.

B L Gupta Construction has been awarded a contract worth approximately Rs4,820m to construct 2,792 independent floors over the next 36 months.

Shri Balaji has been tasked with critical external development works, valued at around Rs853.7m, which include the development of a sewage treatment plant, stormwater drainage, and other essential infrastructure enhancements.

Signature Global co-founder and vice-chair Lalit Kumar Aggarwal said: "At Signature Global, our commitment has always been to deliver quality construction that exceeds customer expectations."

During the April-December period of the current fiscal year, Signature Global reported property sales amounting to Rs86.7bn, marking a significant increase from Rs31.2bn in the same period last year.

The company has set an ambitious sales target of Rs100bn for the current fiscal year, aiming to surpass last year's bookings of Rs72.7bn.

Signature Global has already delivered 12 million square feet of housing area and boasts a substantial pipeline of 35 million square feet of saleable area in upcoming projects, alongside 15.8 million square feet of ongoing projects.

The company continues to acquire land to cater to the market demand.

It purchased a 16.12-acre parcel in Gurugram for approximately Rs3bn.

The planned development on this newly acquired land includes a premium housing project with apartment prices ranging between Rs30m to Rs40m.

Moreover, another significant project in India, the Dharavi Redevelopment Project in Mumbai, has received the necessary commencement certificate for the 6.4-acre railway land rehabilitation section, signalling the start of construction activities.