Sobha Ltd., a real estate developer, has reported a significant uptick in sales bookings for the fiscal year 2023-24. Their sales surged by 28% year-on-year, totaling INR 6,644.1 crore (approximately USD 8.2 billion), marking their highest-ever performance across key metrics. This growth stems from both increased sales volumes, with 8% more residential space sold (6.08 million square feet), and a notable 19% rise in average selling prices to INR 10,922 per square foot. Sobha attributes this success to India's robust housing market, fuelled by factors like government spending, domestic consumption, and infrastructure development. With a diverse presence across regions like Bengaluru, Kerala, Tamil Nadu, Pune, and more, Sobha continues to cater to a broad spectrum of homebuyers nationwide.
Sobha Ltd., a real estate developer, recently reported an increase in sales bookings for the financial year 2023-24. Let's explore what this means for the company and the overall housing market, with some key figures to consider.
Sobha Ltd. saw a 28% year-on-year jump in sales bookings, reaching a total of INR 6,644.1 crore (approximately USD 8.2 billion). This growth can be attributed to both a rise in the number of properties sold (volume) and an increase in average selling prices. The company also achieved its highest-ever sales performance across all key metrics.
In terms of volume, Sobha sold 8% more square footage than the previous year. This translates to 6.08 million square feet of residential space sold. Additionally, the average price per square foot saw a significant increase of 19%, reaching INR 10,922 (approximately USD 13.4). Sobha launched several new projects to meet this growing demand, offering over 7 million square feet (approximately 65 hectares) of additional space across six locations.
Sobha attributes its success to the overall strength of the Indian housing market. The company highlights factors like increased government spending, rising domestic consumption of INR 5,197.8 crore in the year-ago period, and infrastructure development as key drivers of this growth. Even amidst global challenges, India's strong economic position has created a solid foundation for continued growth in the housing sector.
While Bengaluru is Sobha's headquarters, the company maintains a presence in various other regions. This includes Kerala, Tamil Nadu, Pune, Hyderabad, Delhi NCR, and Gujarat. This diverse geographical footprint allows Sobha to cater to a wider range of homebuyers across India.
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