Sobha Ltd, the Bengaluru-based property developer, sees a revival of demand in the Chennai market.
In the Bengaluru market, the company delivered a strong performance towards the end of the June quarter.
During Q1’16, the company launched ‘Sobha Clovelly’ in Bengaluru with total saleable area of 325,581 square feet.
“The ‘Sobha Dream Acres’, project which was launched in the last quarter of fiscal 2015, has been well received by the market and continues to garner positive response from potential customers,” the company told the exchanges.
The company during the quarter achieved new sales of 841,399 square feet valued at Rs 503.9 crore with an average realisation of Rs 5,988 per square feet.
The new sales are higher by 11.5 per cent and 4.5 per cent in volume and value terms respectively as compared to Q1’15.
The average price realisation has dipped on account of the product portfolio of the company comprising the compact luxury segment ‘Sobha Dream Acres’ at Balagere, Bengaluru.
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