Sobha Q3 Sales Bookings Surge 37% to Rs 1,952 Cr | Strong Housing Demand

New Delhi, Jan 5 (PTI) Realty firm Sobha Ltd has reported a 37 per cent increase in sales bookings at Rs 1,951.6 crore in the third quarter of this financial year, mainly on the back of strong housing demand in Bengaluru.

Its sales bookings stood at Rs 1,424.7 crore in the year-ago period.

"The Q3 (third quarter) of this financial year has been the best-ever sales quarter for Sobha," the company said in a regulatory filing late on Thursday.

The average price realization improved to Rs 11,732 per square feet during the third quarter of this fiscal year, from Rs 9,653 per square feet in the year-ago period.

Sales bookings in volume terms also increased to 16.63 lakh square feet, from 14.76 lakh square feet during the period under review.

"Bengaluru has achieved its highest ever quarterly sales of 1.25 million square feet with a value of Rs 14.99 billion, led by the successful launch of the Sobha Neopolis project in the beginning of the quarter," the company said.

Sobha highlighted that the Delhi-NCR region continued with its strong momentum completing the sale of Sobha City in Gurugram.

"We launched 2 new projects in the third quarter with a total saleable area of 3.84 million square feet. Cash flows for the quarter remained strong and has resulted in further net debt reduction," Sobha said.

Bengaluru-based Sobha is one of the leading real estate developers in the country.