Sobha Q3 sales bookings up 37% to ₹1,952 cr on strong housing demand

Realty firm Sobha Ltd reported a 37 per cent increase in sales bookings at ₹1,951.6 crore in the third quarter of this financial year, mainly on the back of strong housing demand in Bengaluru.

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Its sales bookings stood at ₹1,424.7 crore in the year-ago period.

“The Q3 (third quarter) of this financial year has been the best-ever sales quarter for Sobha,” the company said in a regulatory filing late on Thursday.

The average price realization improved to ₹11,732 per square foot during the third quarter of this fiscal year, from ₹9,653 per square foot in the year-ago period.

Sales bookings in volume terms also increased to 16.63 lakh square foot , from 14.76 lakh square foot during the period under review.

“Bengaluru has achieved its highest ever quarterly sales of 1.25 million square feet with a value of ₹14.99 billion, led by the successful launch of the Sobha Neopolis project in the beginning of the quarter,” the company said.

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Sobha highlighted that the Delhi-NCR region continued with its strong momentum completing the sale of Sobha City in Gurugram.

“We launched two new projects in the third quarter with a total saleable area of 3.84 million square feet. Cash flows for the quarter remained strong and has resulted in further net debt reduction,” Sobha said.