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.