Bengaluru based real estate company Sobha Ltd has posted a 36 percent increase in sales bookings at Rs 1,424 crores for the quarter ending December 2022, indicating a robust rebound in demand. According to data published by the company in its regulatory filing, its sales bookings for the same period in the previous fiscal year was Rs 1,047 crores. The company sold 4.17 million square feet in total in the first nine months of current fiscal year, up 16.9% over the same period last year. In comparison to the previous financial year the average price realisation during the April to December period of FY23 increased to Rs 8,952 per square foot, whereas this year the average price realisation increased to Rs 9,650 per square foot, indicating a 21.9 percent rise.
Bengaluru based real estate company Sobha Ltd has posted a 36 percent increase in sales bookings at Rs 1,424 crores for the quarter ending December 2022, indicating a robust rebound in demand. According to data published by the company in its regulatory filing, its sales bookings for the same period in the previous fiscal year was Rs 1,047 crores.
Sales bookings for Sobha Ltd increased from Rs 2,760.6 crore in April to Rs 3,734.4 crore in December of this fiscal. The company sold 4.17 million square feet in total in the first nine months of current fiscal year, up 16.9% over the same period last year. In comparison to the previous financial year the average price realisation during the April to December period of FY23 increased to Rs 8,952 per square foot, whereas this year the average price realisation increased to Rs 9,650 per square foot, indicating a 21.9 percent rise.
The third quarter of FY2023 saw Sobha's best-ever sales performance in terms of both volume and value. They reached an all-time high with a quarterly sales volume of 1.47 million square feet, up 11.6 percent from the prior quarter. A spokesperson for the company said that their projects in cities other than Bengaluru have contributed to almost 40% of their total sales volume, a substantial change from the previous years. Their new projects in Gurugram brought in a large volume of sales while their projects in Gujrat and Kerela experienced steady and consistent demand.
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