A new Rs 7,500 crore commercial development is set to reshape the Southern Peripheral Road (SPR) corridor after Signature Global and RMZ formalised a 50:50 joint venture to build a large mixed-use business district in the city. The partnership signals rising investor confidence in Gurugram’s office market at a time when demand from global capability centres continues to drive premium workspace absorption.
The 18-acre project, to be developed through a joint venture vehicle, will deliver approximately 5.5 million sq ft of leasable space. Of this, nearly 3.5 million sq ft is planned as Grade A office inventory, with the remainder comprising organised retail and two hospitality assets of about 500 rooms each. Executives said the development’s estimated capital value on completion could range between Rs 14,000 crore and Rs 16,000 crore. For Signature Global, historically focused on mid-income and affordable housing in Delhi-NCR, the Gurugram project marks a strategic diversification into large-scale commercial real estate. Industry analysts say such shifts reflect evolving land-use economics in growth corridors like SPR, where infrastructure upgrades and metro connectivity proposals are gradually strengthening the office ecosystem. RMZ, a Bengaluru-headquartered commercial real estate developer, will invest over Rs 1,200 crore to acquire half the equity in the project entity. The collaboration blends local land ownership and execution capability with institutional-grade design and leasing expertise. Market observers note that partnerships of this scale are increasingly common as developers seek to manage capital intensity and attract global tenants demanding integrated, campus-style environments.
Office demand in India’s major metros has remained resilient despite hybrid work trends. Gurugram, in particular, has benefited from multinational corporations consolidating operations into larger, energy-efficient campuses. Real estate consultants tracking the NCR market report that Global Capability Centres offshore units of global firms continue to account for a significant share of Grade A leasing. Urban economists point out that mixed-use formats combining offices, hospitality and curated retail align with global models of “design districts” that reduce commute distances and create walkable commercial clusters. However, they caution that long-term viability will depend on infrastructure readiness, public transport access and sustainable building practices. Southern Peripheral Road has emerged as one of Gurugram’s fastest-growing corridors, connecting Golf Course Extension Road to NH-48 and the Dwarka Expressway. With multiple residential projects already operational, the addition of a high-density commercial hub could alter traffic flows and land values across adjoining sectors.
The Gurugram project will likely be closely watched by investors assessing the NCR’s ability to absorb large new office supply over the next five to seven years. If executed with phased delivery and climate-responsive design, experts say it could strengthen the city’s transition towards integrated, transit-linked business districts. As India’s corporate occupiers recalibrate space strategies, the scale of this investment underscores Gurugram’s continued positioning as a national commercial gateway.
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Gurugram SPR sees Rs 7500 crore office push
