+
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.

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code