Companies

For Sobha, Bengaluru contributes 69% of total sales volume

Our Bureau Bengaluru | Updated on January 07, 2021

Company achieves price realisation of ₹7,830 per square feet in Q3FY21

For Sobha Limited, Bengaluru has returned to normalcy and contributed 69 per cent of the total sales volume, along with meaningful contributions from other regions, especially Gurugram, Kerala and Pune.

“We are currently witnessing good sales momentum across all other regions along with Bengaluru. There is low unsold stock in Chennai, Coimbatore and Mysore regions, and hence, sales performance of these regions needs to be viewed in line with that,” the company said in a regulatory filing to exchanges.

Also read: Digital capabilities help Sobha’s sales performance during Covid lockdown

Sales volume achieved by Kochi and Thrissur regions during 9M-21 has already surpassed the sales volume achieved during FY19-20. Gurugram and Pune regions are also poised to surpass the sales volume achieved during FY19-20.

The company said, “During Q3-21, we have achieved a total sales volume of 11.33 lakh square feet of super built-up area valued at ₹888 crore, with a total average realisation of ₹7,830 per square feet. Sales volume and total sales value are up by 27 per cent and 29 per cent respectively as compared to Q2-21.”

“We have posted better sales numbers during Q3-21 as compared to the pre-Covid-19 level Q3-20 due to good demand witnessed across all product categories where Sobha is operating. Sales volume, total sales value, Sobha’s share of sale value and price realisation are up by 6 per cent, 22 per cent, 12 per cent and 15 per cent respectively as compared to Q3-20. Sales volume achieved at Gurugram, Pune and Thrissur regions during Q3-21 have grown by 92 per cent, 87 per cent and 59 per cent respectively as compared to Q3-20,” company added.

Also read: Chennai leads in realty project completions, followed by Hyderabad, Bengaluru: Anarock

The total price realisation of ₹7,830 per square feet achieved during Q3-21 is the highest price realisation achieved during the past six quarters. “During the quarter, we have launched ‘Sobha City - Athena’ project in Bengaluru, an extension of the existing Sobha City project, with residential super built-up area of 121,606 square feet and super built-up area of 28,863 square feet commercial space,” company said.

“With new launches planned across various cities in the next few quarters and inherent demand for housing continuing, our sales performance during H2-21 is expected to be better than H2-20. With our continuous focus on cash flow management, we were able to manage our net debt levels, finance cost and other costs during the quarter. Our average interest cost continues to come down as on December 31, 2020 as compared to previous quarters,” it added.

Published on January 07, 2021

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