Sobha's Q3 sales stands at Rs 1,952 crore
Real Estate

Sobha's Q3 sales stands at Rs 1,952 crore

Bengaluru-based real estate developer Sobha has achieved the highest-ever quarterly sales value of Rs 1952 crore in the third quarter of FY24, registering a growth of 37.0% over the same period last year.

Sobha's share of sales value was also the highest ever, at Rs. 1736 crore, an increase of 56.2% over Q3-FY23. ?A combination of optimism, increased income levels, new job creation, migration and interest rate stability has supported a steady demand scenario, witnessed in our improving sales performance quarter on quarter, said the company.

The average price realisation stood at Rs. 11,732 per sq ft while maintaining a steady performance in new area sales of 1.66 mn sft. Bengaluru has achieved highest ever quarterly sales of 1.25 mn sft with a value of Rs. 1499 crore, led by the launch of SOBHA Neopolis in beginning of the quarter.

NCR region continued with its strong momentum, completing the sale of Sobha City in Gurgaon. Kerala region clocked a 59.5% growth in new sales area over Q3-FY23. GIFT City's new sales for 9M FY24 registered an increase of 22.7% over sales of the full year of FY 2023, the company said.

The company launched two new residential projects in Q3 FY24 with a total saleable area of 3.8 mn sft in Bangalore and Kerala. Demand for residential real estate has been at a historic high in 2023 and is poised to achieve the highest sales since 2008. The positive trajectory observed throughout the year is anticipated to extend into 2024 with an estimated figure of approximately 260,000-2,80,000 units.

Bengaluru-based real estate developer Sobha has achieved the highest-ever quarterly sales value of Rs 1952 crore in the third quarter of FY24, registering a growth of 37.0% over the same period last year. Sobha's share of sales value was also the highest ever, at Rs. 1736 crore, an increase of 56.2% over Q3-FY23. ?A combination of optimism, increased income levels, new job creation, migration and interest rate stability has supported a steady demand scenario, witnessed in our improving sales performance quarter on quarter, said the company. The average price realisation stood at Rs. 11,732 per sq ft while maintaining a steady performance in new area sales of 1.66 mn sft. Bengaluru has achieved highest ever quarterly sales of 1.25 mn sft with a value of Rs. 1499 crore, led by the launch of SOBHA Neopolis in beginning of the quarter. NCR region continued with its strong momentum, completing the sale of Sobha City in Gurgaon. Kerala region clocked a 59.5% growth in new sales area over Q3-FY23. GIFT City's new sales for 9M FY24 registered an increase of 22.7% over sales of the full year of FY 2023, the company said. The company launched two new residential projects in Q3 FY24 with a total saleable area of 3.8 mn sft in Bangalore and Kerala. Demand for residential real estate has been at a historic high in 2023 and is poised to achieve the highest sales since 2008. The positive trajectory observed throughout the year is anticipated to extend into 2024 with an estimated figure of approximately 260,000-2,80,000 units.

Next Story
Real Estate

DLF Sells Rs 1.1 Trn Luxury Project in One Week

DLF, India’s largest listed real estate developer, has achieved a landmark sell-out of its latest luxury residential project, DLF Privana North, valued at approximately Rs 1.1 trillion (USD 13.2 billion). This unprecedented response came within just one week of launch, reinforcing DLF’s market dominance and signalling robust demand for high-end homes in Gurugram.Part of the 116-acre DLF Privana township in Sectors 76 and 77, Gurugram, Privana North spans 17.7 acres and comprises six premium towers of stilt +50 storeys – the tallest residential buildings ever developed by DLF. The project..

Next Story
Infrastructure Urban

Hindustan Zinc to Invest Rs 120 Bn in Capacity Expansion

Hindustan Zinc Limited, India’s only and the world’s largest integrated zinc producer, has announced Board approval for the first phase of a major expansion to double its refined metal production capacity. The plan involves an investment of nearly Rs 120 billion (Rs 12,000 crore) and includes setting up a new 250 KTPA (kilotonnes per annum) integrated smelter at Debari, in Rajasthan’s Udaipur district, along with corresponding expansions in mines and mills across its operations.The project will increase the company’s current metal production capacity from 1.1 million tonnes to over 2 m..

Next Story
Infrastructure Urban

Dalmia Bharat to Train 300 Women for Auto Sector Jobs

In a key step toward advancing women’s empowerment through skill development, Dalmia Bharat Foundation (DBF), the CSR arm of Dalmia Cement (Bharat) Ltd., has signed a Memorandum of Understanding (MoU) with Red Carpet Learning Institute, a prominent training and skilling partner. The MoU was formalised in Noida, New Delhi, under DBF’s flagship initiative DIKSHa (Dalmia Institute of Knowledge and Skill Harnessing).This collaboration aims to provide industry-aligned training to 300 women across 10 batches in specialised job roles within the automotive sector—namely, Automotive Showroom Host..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?