New Delhi, June 14 (PTI) Realty firm Signature Global will invest Rs 550 crore to develop the second phase of its housing project in Gurugram.

Last month, Signature Global, which focuses on building affordable housing projects, had raised long term capital of Rs 400 crore from HDFC Capital's realty fund.

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The company said in a statement that it will construct 864 independent floors in the second phase, same as the first phase.

The total project cost is Rs 550 crore for the second phase, the company said, adding that the independent floors would be sold in a price range of Rs 62-72 lakh.

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Pradeep Aggarwal, Chairman and whole-time director, Signature Global (India) Ltd. said the demand of independent floors have increased in the last two years.

The project -- Signature Global Park 4 & 5 -- will be developed under the Haryana government's Deen Dayal Jan Awas Yojana (DDJAY).

In the last 7-8 years, Signature Global has launched more than 30 housing projects, mainly in Gurugram, Sohna and Karnal (Haryana), and out of these, seven projects have already been delivered.

The company has also launched commercial projects in Vaishali and Ghaziabad, Uttar Pradesh.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)