Real estate company, Sobha Developers targets Rs 1,500-crore in new sales this fiscal. During the year, the company plans to launch 13 million sq ft of development, of which about 8 million sq ft has been launched in the first half.

“We are targeting new sales of Rs 1,500 crore this fiscal and we are ahead of target at the end of the first half,” Mr J.C. Sharma, Managing Director, Sobha Developers, told Business Line .

During the first half of the year, the company sold 1.6 million sq ft. The company's launches in Bangalore, about four million sq ft, “have met with good results”, with an average sales realisation of about Rs 5,000 per sq ft, he said.

“With sales improving, our cash flow is better,” added Mr Sharma. As a result, the company plans to bring down its debt to Rs 1,000 crore this fiscal-end. At the beginning of this fiscal, the company's debt was at Rs 1,200 crore. The company would invest Rs 1,000 crore on construction cost for new launches this year.

The company, which entered new markets like NCR and Mysore this year, plans to launch its first project in Chennai this quarter. Together, about 500 luxury apartments would be developed in these projects, which would see a total development of one million sq ft.

“We are awaiting final approvals, and are confident of launching both the projects this quarter. We would take a call on pricing at the time of the launch.”

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