Signature Global partners with RMZ to develop Gurugram Commercity office-led mixed-use project

Axis Capital kept a ‘Buy’ call on Signature Global (India) Ltd after a new commercial push. Axis Securities also retained a ‘BUY’ rating and set a target price of Rs. 1,300. That target implies up to 24% upside. On February 19, 2026, Signature Global traded at Rs 1,046.00 on the NSE.

The brokerage linked its stance to a joint venture with RMZ to build a large, office-led asset. The move broadened Signature Global’s portfolio beyond housing. The planned development sits in Sector 71, Gurugram, on Southern Peripheral Road. The project combines offices with retail and a hotel component.

Under the arrangement, RMZ will invest Rs. 12.8 billion into Gurugram Commercity Limited (GCL). GCL is a wholly owned subsidiary of Signature Global (India) Ltd. In return, RMZ will take a 50% equity stake. The asset will later sit in a subsidiary jointly owned by SGIL and RMZ.

The site has total development potential of about 7.5 million sq ft. Nearly 70% is tagged for commercial space. That equals about 5.5 million sq ft. The balance is set aside for residential use. The commercial part is described as an office-centric, mixed-use Grade-A asset.

Item	Detail
Current price (NSE)	Rs 1,046.00 (February 19, 2026)
Axis Securities target price	Rs. 1,300
Implied upside	Up to 24%
RMZ investment	Rs. 12.8 billion for 50% in GCL
Planned leasable area	~5.5 million sq. ft.
Expected monthly rentals	Office ~Rs. 125 per sq ft; Retail ~Rs. 250 per sq ft
Completion timeline	~5 years; construction starts in 6–9 months
Estimated capital value on completion	Rs140 to Rs160 billion

Construction is expected to start within the next six to nine months. Completion is pencilled in at about five years. After delivery, SGIL expects rentals of around Rs. 125 per sq ft for offices. Retail rentals are estimated near Rs. 250 per sq ft per month. Signature Global also flagged hotel space within the mix.

Axis Capital compared the land valuation in the deal with its own assumptions. "The agreed consideration values the land at ~Rs26bn vs our estimated development value of Rs34bn, which post capex and discount seems fare. Our TP remains unchanged at Rs1,300 and we maintain BUY," commented the research analysts of Axis Capital.

Axis Capital also guided on timing for financial impact from the new annuity asset. "The asset is still five years out. Hence, we do not see it impacting our revenues/earnings estimates till FY28E. While the transaction implies a land value of Rs26bn, we have ascribed a development value of Rs34bn, which post capex and future discounting, seems fair. We maintain our TP at Rs1,300," Axis Capital further noted in a report.

The project assigns execution and development responsibilities to Signature Global, while RMZ adds commercial design and delivery experience. The brokers’ ratings and target price rest mainly on this diversification step and the expected scale. Readers should treat such reports as information, not advice, and verify details with licensed financial advisors before investing.