Sobha Q1 Sales Up 11% to Rs 2079 Cr

Bengaluru, Jul 8 (PTI) Realty firm Sobha Ltd has reported an 11 per cent increase in sales bookings to a record Rs 2,078.8 crore in the first quarter of this fiscal year as housing demand continues to be strong.

Its sales bookings or pre-sales stood at Rs 1,873.7 crore in the year-ago period.

The Bengaluru-based company sold 14.44 lakh sq ft area in April-June period of this fiscal year as against 11.75 lakh sq ft, according to a regulatory filing on Monday.

During the June quarter, Sobha completed 1.07 million sq ft of saleable area and delivered 594 homes across projects.

Sobha said the company has achieved its "highest-ever quarterly real estate sales value of Rs 20.79 billion, crossing the Rs 2,000 crore milestone for the first time."

The company attributed various factors for robust demand, including urban migration, record commercial space absorption, stronger consumer and investor confidence, declining interest rates, and growing home ownership aspirations. Sobha launched two housing projects during the April-June period, one in Greater Noida and one in Kochi.

In Greater Noida, the company has launched a project 'Sobha Aurum' spread across 3.46 acres with a total saleable area of 7,01,051 sq ft. The project comprises 420 apartments.

Sobha Ltd will invest around Rs 800 crore to develop this luxury housing project in Greater Noida.

Sobha, one of the leading real estate developers in the country, has delivered around 145 million sq ft since its inception.

The company has a presence in 13 cities.