Sobha Sales Bookings Fall 29% in Q3, Rise Sequentially

New Delhi, Jan 8 (PTI) Real estate developer Sobha Ltd's sale bookings fell 29 per cent to Rs 1,388.6 crore in the quarter ended December mainly due to lesser new supply and high base effect.

Its sale bookings stood at Rs 1,951.6 crore in the year-ago period.

Sale bookings or pre-sale, however, increased during October-December period from the previous quarter at Rs 1,178.5 crore, according to a regulatory filing.

During April-December period of 2024-25 fiscal, the Sobha Ltd's sale bookings declined to Rs 4,440.8 crore from Rs 5,140.1 crore in the corresponding period of the preceding financial year.

During the entire 2023-24 fiscal, the company had sold properties worth Rs 6,644.1 crore, largely residential units.

"Q3-FY25, Sobha recorded sales value of Rs 13.88 billion (1,388 crore) supported by new sales area of 1.01 million (10 lakh) sq ft at an average price realisation of Rs 13,663 per sq ft. Sales value recorded growth of 17.8 per cent compared to the previous quarter."

For the first 9 months in FY25, 3.12 million (31.2 lakh) sq ft of new sales area was sold with a value of Rs 4,441 crore.

The average realisation improved by 31.3 per cent over the same period last year to Rs 14,226 per sq ft, aided by price increases in ongoing projects and higher realisation in the new project launches during the year, Sobha said.

"India's overall economic activity picked up in Q3 FY25, reflected in steady GST collections and increased new hirings across all sectors," the company said.

Major cities across India recorded the highest office space absorption in 2024, aided by demand from Global Capability Centers (GCCs), it highlighted.

"The commercial space offtake is a proxy to job creation, leading to continued growth in urbanisation. This being the fundamental driver to residential demand in major cities, sustenance of the demand seems to be intact. However, supply is also expected to increase in the medium term," Sobha said on the outlook.

Bengaluru-based Sobha Ltd also has a presence in Delhi-NCR, Kerala, Tamil Nadu, Hyderabad, Pune and Ahmedabad markets.