Real estate developer Sobha Ltd. witnessed a decline in sales in the third quarter, as the government's move to demonetise Rs 500 and Rs 1000 currency notes had an adverse impact on the sector.
Sobha's sales in the third quarter fell to Rs 372.3 crore from Rs 518.2 crore in the second quarter of the current financial year, the company said in a stock exchange filing on Friday.
It sold 613,652 square feet during the quarter, with a price realisation of Rs 6,082 per square feet. This was slightly higher than the realisation of Rs 6,056 per square feet in the second quarter.
The decrease in sales volume is expected to be a short term outcome of the current economic scenario, which is still recovering from the impact of demonetisation, Sobha's filing added.
The company will take a view on the forward guidance at its next board meeting after the presentation of the Union Budget.
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