Real Estate firm Sobha Ltd.’s sales bookings have shot up by 92 % reaching Rs 750.9 crore in the third quarter this financial year on maximized volumes and improved average attainment.
The Bengaluru-placed builder had sold land holdings amounting to Rs 390.8 crore in the year 2017.
As per an active update, Sobha sold 9,33,365 sq. ft. (square feet) land in the third quarter, up 52 per cent from 6,13,652 sq. ft. quite at the same time last fiscal.
The average price realization rose to Rs 8,045 per sq. ft. from Rs 6,369 per sq. ft. in the period under survey.
Apart from Bengaluru, Sobha has realty projects in Gurgaon, Chennai, Kochi, Thrissur, Calicut, Coimbatore, Mysore and Pune.
In the period from April-December of this fiscal, Sobha’s sales bookings increased by 41 per cent to nearly Rs 2,050 crore compared to Rs 1,455.3 crore in the respective period of the last year.
In the starting nine months of this fiscal, the firm surpassed the sales bookings figure of the whole last fiscal of Rs 2,012 crore.
Considering volumes, the sales bookings reached a figure of 26.09 lakh sq. ft. in April-December 2017 from 22.78 lakh sq. ft. in the same period last fiscal.
Sobha anticipates that it will be able to put up with this development in active performance in the approaching quarters likewise.
In the third quarter of 2017-18, the company rolled out two projects in Bengaluru and Thrissur, with a joint saleable area of 0.98 million sq. ft.
As far as the real estate industry is concerned, Sobha feels that it has been a tough period as sales and new launches were restrained.
“However, with the prices stabilizing over the last few years and home loan interest rates at a decade low, buying a home has never been attractive in the last 15 years or so,” Sobha said.
Making headway, the company anticipates that the realty sector will integrate and see renewed endeavors in demand as well as supply.