Sobha Posts 28% Growth In Sales Bookings In FY24
Sobha highlighted that it has achieved historic best sales performance across all sales parameters.
Realty firm Sobha Ltd. has posted a 28% growth year-on-year in sales bookings during the last financial year to Rs 6,644.1 crore on better volumes and average price realisation amid strong consumer demand for residential properties.
Sobha, a company based in Bengaluru, recorded sales bookings of Rs 5,197.8 crore in the same period last year.
In its latest operational update, Sobha highlighted that it has achieved historic best sales performance across all sales parameters.
In terms of volume, the sales bookings grew by 8% to 6.08 million (60.8 lakh) square feet from 5.65 million (56.5 lakh) square feet in the previous year.
Average price realization improved by 19% Rs 10,922 per square feet.
Sobha launched 70 lakh square feet area spread over six projects last fiscal, as against 39.6 lakh square feet in 2022-23.
'Housing demand in India was robust through the year, making financial year 2023-24 the strongest year for the sector. Increased government expenditure, domestic consumption growth, all round physical infrastructure development has led India to a leadership position in the world of economic growth, even in a turbulent geopolitical environment and has laid a strong foundation for future as well,' the company noted.
Besides Bengaluru, the leading real estate developer has a significant presence in Kerala, Tamil Nadu, Pune, Hyderabad, Delhi-NCR and Gujarat.